CELEX: 51975PC0605
Language: en
Date: 1975-11-28
Title: Proposal for a DECISION OF THE COUNCIL renewing the machinery for medium-term financial assistance (submitted to the Council by the Commission)

ARCHIVES HISTORIQUES
DE LA COMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (75) 605
Vol. 1975/0232
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 ---pagebreak--- COMMISSION OF THE EUROPEAN COMMUNITIES
                                          COM(75)605    final .
 x                                        Brussels . 28 November 1975
                               Proposal for a
                          DEC IS ION OF THE COUNCIL
     renewing the machinery for medium-term financial assistance
   /
              ( submitted, to the Council by the Commission)
     COM(75 ) 605 final
 ---pagebreak---         4
                   EXPLANATORY               MEMORANDUM
           Article 1 of the Council 's decision 7v -'-43/EEC of 22nd. March 1971
concerning setting up machinery for medium-term financial assistance
makes provision in paragraph 2 for this machinery , which has an initial va/-
lidity of four years from 1st January 1976 » "to be automatically renewed
every five years if agreement is reached on the transition to the second
stage of the plan for economio and monetary union . However , Council debates
on the Bubjeot of this transition at the end of 1973 reached no formal con­
clusions *
           Taking this into account , and so as to avoid any uncertainty about
the continued validity of the machinery for medium-term financial aid from
1st January '1976 » "the Commission , following a favourable opinion from the
Monetary Committee , proposes that the Council decides, before 31»12.1975,to
increase the period of initial validity for the machinery from four to eight
years .
 ---pagebreak---                      DRAFT DECISION
RENEWING THE MACHINERY FOR MEDIUM-TERM FINANCIAL ASSISTANCE
THE COUNCIL 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 Article l(2) of Council Decision No 7l/l43/EEC^ of
   22 March 1971  setting up machinery for medium term financial
   assistance provides that this machinery , which is initialy valid
 ■ for four years from 1 January 1972 , shall "be automatically renewed
   every five years if agreement is reached on the transition to the
   second stage of the plan   for economic and monetary union , and
   provided that one or more Member States do not object ;
   whereas the machinery for medium-term financial assistance avoids
   the need for recourse^ to the safeguard clauses of the said Treaty;
   whereas the reasons for setting up this machinery are still valid ,
   and axe in faot now stronger by reason of the fact that the problems
   of the balance of payments have become more acute ;
   whereas therefore the initial period of the machinery for medium-
   term financial assistance should be increased from four to eight
   years ;
f1' OJ No L 73, 27.3.1971, p. 15.
 ---pagebreak--- fus àsopted thïs immias >
Article 1
       In Article 1 ( 2) of Counoil Decision No 71/143/EEC of
22 March 1971  for "a period of four years commencing' 1 January 1972 "
read na period of eight years commencing 1 January I972 n*
Artide 2
       This Decision is addressed to the Member States *
Done at Brussels , the                      Por the Counoil
                                            The President