CELEX: 31975D0355
Language: en
Date: 1975-05-26 00:00:00
Title: 75/355/EEC: Commission Decision of 26 May 1975 amending the Commission Decision of 8 May 1974 authorizing the Italian Republic to take certain protective measures under Article 108 (3) of the Treaty (Only the Italian text is authentic)

Avis juridique important

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31975D0355

75/355/EEC: Commission Decision of 26 May 1975 amending the Commission Decision of 8 May 1974 authorizing the Italian Republic to take certain protective measures under Article 108 (3) of the Treaty (Only the Italian text is authentic)  

Official Journal L 158 , 20/06/1975 P. 0025 - 0025 Greek special edition: Chapter 10 Volume 1 P. 0095 

++++( 1 ) OJ NO L 152 , 8 . 6 . 1974 , P . 18 .  ( 2 ) OJ NO L 30 , 4 . 2 . 1975 , P . 19 .  COMMISSION DECISION OF 26 MAY 1975 AMENDING THE COMMISSION DECISION OF 8 MAY 1974 AUTHORIZING THE ITALIAN REPUBLIC TO TAKE CERTAIN PROTECTIVE MEASURES UNDER ARTICLE 108 ( 3 ) OF THE TREATY  ( ONLY THE ITALIAN TEXT IS AUTHENTIC )  ( 75/355/EEC )  THE COMMISSION OF THE EUROPEAN COMMUNITIES ,  HAVING REGARD TO THE TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY , AND IN PARTICULAR ARTICLE 108 ( 3 ) THEREOF :  WHEREAS BY DECISION NO 74/287/EEC ( 1 ) OF 8 MAY 1974 , THE COMMISSION AUTHORIZED THE ITALIAN REPUBLIC TO ADOPT PROTECTIVE MEASURES IMPOSING THE REQUIREMENT , UPON IMPORTATION OF CERTAIN AGRICULTURAL AND INDUSTRIAL PRODUCTS , TO LODGE AN INTEREST-FREE SIX-MONTH DEPOSIT WITH THE BANK OF ITALY , THE AMOUNT OF WHICH SHOULD NOT EXCEED 50 % OF THE CIF VALUE OF THE GOODS ( ARTICLE 1 ) , AND THE TEMPORARY REQUIREMENT ON ITALIAN RESIDENTS TO LODGE AN INTEREST-FREE BANK DEPOSIT NOT EXCEEDING 50 % OF THE VALUE OF THEIR INVESTMENT TRANSACTIONS IN OTHER MEMBER STATES ( ARTICLE 5 ) ; WHEREAS BY SUBSEQUENT DECISIONS ADOPTED BY THE COMMISSION , THE MOST RECENT ON 31 JANUARY 1975 ( 2 ) , MOST AGRICULTURAL ITEMS WERE PARTLY OR WHOLLY EXEMPTED FROM THE IMPORT DEPOSIT REQUIREMENT ;  WHEREAS THE MAIN OBJECTIVE OF THE AUTHORIZATIONS PROVIDED FOR IN ARTICLES 1 AND 5 OF THE ABOVEMENTIONED DECISION OF 8 MAY WAS TO ALLOW ITALY TO RESTRICT ITS MONEY SUPPLY , WITH THE AIM OF COUNTERACTING THE SHARP DETERIORATION IN ITS BALANCE OF PAYMENTS ;  WHEREAS THE BALANCE OF PAYMENTS HAS RECENTLY RECOVERED TO SOME EXTENT , AND WHEREAS THIS RECOVERY IS PARTLY DUE TO THE TREND IN THE TRADE BALANCE , WHICH , THOUGH REMAINING IN DEFICIT , TENDED TO STABILIZE , BETWEEN JUNE AND DECEMBER 1974 AND , FOR THE FIRST TIME , TO GAIN GROUND EARLY IN 1975 ;  WHEREAS , MOREOVER , THE ITALIAN GOVERNMENT , UNDER THE ABOVEMENTIONED DECISION OF 8 MAY , ABOLISHED WITH EFFECT FROM 24 MARCH 1975 THE REQUIREMENT TO LODGE A DEPOSIT UPON IMPORTATION OF THE ITEMS STILL SUBJECT TO IT ;  WHEREAS , THEREFORE , THE AUTHORIZATION CONCERNING THE ABOVEMENTIONED DEPOSIT NO LONGER SERVES ANY PURPOSE AND WHEREAS IT SHOULD CONSEQUENTLY BE REPEALED ;  WHEREAS , HOWEVER , THE ECONOMIC AND FINANCIAL SITUATION AT PRESENT EXISTING IN ITALY REQUIRES THE RETENTION OF THE AUTHORIZATION CONCERNING INVESTMENTS IN OTHER MEMBER STATES ,  HAS ADOPTED THIS DECISION :  ARTICLE 1  ARTICLES 1 , 2 , 3 , 4 AND 7 ( 3 ) , ( 4 ) AND ( 5 ) OF DECISION NO 74/287/EEC OF 8 MAY 1974 ARE HEREBY REPEALED .  ARTICLE 2  THIS DECISION IS ADDRESSED TO THE ITALIAN REPUBLIC .  DONE AT BRUSSELS , 26 MAY 1975 .  FOR THE COMMISSION  P.J . LARDINOIS  MEMBER OF THE COMMISSION