CELEX: 51980PC0794
Language: en
Date: 1980-11-25
Title: PROPOSAL FOR A COUNCIL DECISION CONCERNING THE EXTENSION OF THE MEDIUM-TERM FINANCIAL ASSISTANCE (presented by the Commission to the Council)

ARCHIVES HISTORIQUES
DE LA COMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (80) 794
Vol. 1980/0252
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 ---pagebreak---          COMMISSION OF THE EUROPEAN COMMUNITIES
                                                COM(80)794 final
                                                Brussels, 25th November^)}980
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                           PROPOSAL FOR A COUNCIL DECISION
                      CONCERNING THE EXTENSION OF THE MEDIUM-TERM
                                FINANCIAL ASSISTANCE
                     (presented by the Commission to the Council )
COM ( 80 ) 794 final
 ---pagebreak---                         EXPLANATORY MEMORANDUM
            Article 1 of Decision 71 / 143/ EEC of 22 March 1971 setting up
machinery for medium-term financial assistance provides in paragraph 2
that the mechanism is valid until 31 December 1980 .
           So as to avoid that the matter is not covered by the necessary
legislation/ the Commission proposes that the Council at its meeting of
15 December 1980 prolongs the validity of the medium term mechanism for
a further two years to 31 December 1982 or until the definitive stage of
the E.M.S. is set up if this is earlier . '
         x As the new decision must take effect on 1 January 1981 which is
the date given for the new commitment ceilings laid down in the Act of
Adhesion of the Greek republic , the Commission considers that it is appro­
priate to reproduce in the attached text these new ceilings .
  .  - ■   ' '.      ..   •^                      • ; .      '-    I
                                  '                             ■■   'v
           It is proposed that the following text is adopted .
 ---pagebreak---                                  Proposal for a
                               COUNCIL DECISION
    CONCERNING THE EXTENSION OF THE MEDIUM-TERM FINANCIAL ASSISTANCE
 TheCouncil of the European Communities ,
Having regard to the treaty establishing the European Economic Community and
in particular Articles 103 and 108 thereof ;         .
Having regard to the proposal from the Commission;                 -
   Whereas Council Decision 71 / 143/ EEC of 22 March 1971 , and last changed by
   the Decision of 21.12.1978 ( 1 ), set up machinery for medium-term financial
   assistance valid for an initial period of four years from 1st January 1972,
   extended the period to eight years ( 2 ), and then further extended it until
   31 December 1980 ( 1 );
Whereas it is appropriate that the Member States' obligations remain in force
until the definitive stage of the European monetary system is established;
Whereas the commitment ceilings set out in paragraph 1 of Article 1 of decision
                                            Accessioa of . the
71 / 143 are amended by the acts relative to the / Greek republic and hence it is
opportune to reproduce in this decision on extension the text of the annex of
the Act of Accession;
HAS ADOPTED THIS DECISION :      ,
                                   Article 1
Council Decision 71 / 143/ EEC of 22 March 1971 concerning the setting up machinery
for medium financial assistance last modified by decision 78/ 1041 / EEC of 21 De­
cember 1978 is amended as follows :
    Paragraph 2 of, Article 1 is replaced by the following text :
    " This obligation shall apply until 31 December 1982 , unless the definitive
    phase of the EMS is set up before this date".
    (1 ) O.J. n° L 379, 30.12.1978, p. 3
    ( 2 ) O.J. n° L 330, 24.12.1975 , p. 50
 ---pagebreak---                             - 2 -
                        Article 2
                      \                             ' '
The ceilings for credits referred to in the annex shall be replaced by the
following :                       %                              ,
  '                      " ANNEX
                                    million ECU       percentage
          Belgium                      1.000
                                       1.000              6.96
                                                          6.96
          Oenmark                         465
                                          465             3.24
                                                          3.24
          Germany                      3.105
                                       3.105   .,        21.61
                                                         21.61
          Greece ^                        270
                                          270             1.88
                                                          1.88
          France                       3.105             21.61
          Irelanxj                        180
                                          180             1 . 25
                                                          1.25
          Italy                        2.070
                                       2.070             H.
                                                         14.4040
          Luxembourg                       35             0.24
          Netherlands                  1.035              7.20
          United Kingdom               3.105             21.61
                         Total        14.370            100.00".
                         Article 3
  This decision is addressed to the Member States .
                                           Done at Brussels ......