CELEX: 51984PC0309
Language: en
Date: 1984-05-29
Title: PROPOSAL FOR A COUNCIL REGULATION AMENDING REGULATION ( EEC ) NO 682/81 CONCERNING THE COMMUNITY LOAN MECHANISM DESIGNED TO SUPPORT THE BALANCES OF PAYMENTS OF COMMUNITY MEMBER STATES

No C 167/8                             Official Journal of the European Communities                                27.6.84
                                                              II
                                                      (Preparatory Acts)
                                                COMMISSION
             Proposal for a Council Regulation amending Regulation (EEC) No 682/81 concerning
             the Community loan mechanism designed to support the balances of payments of
                                                 Community Member States
                                                     COM(84) 309 final
                              (Submitted by the Commission of the Council on 29 May 1984)
                                                       (84/C 167/12)
THE COUNCIL OF THE EUROPEAN                                       Whereas it is appropriate to introduce a rule
COMMUNITIES                                                       governing access by each Member State to the
                                                                  Community loan mechanism;
Having regard to the Treaty establishing the
European Economic Community, and in particular                    Whereas balance of payments difficulties serious
Article 235 thereof,                                              enough to justify recourse to the mechanism may be
                                                                  due to factors other than an increase in price of
Having regard to Council Regulation (EEC) N o                     petroleum products; whereas it is therefore appro-
682/81 of 16 March 1981 adjusting the Community                   priate to refrain in future from               subjecting
loan mechanism designed to support the balance of                 implementation of the mechanism to the pressure of a
payments of Member States ('),                                    specific cause of external disequilibrium,
Having regard to the proposal from the Commission,                HAS ADOPTED THIS REGULATION:
which has consulted the Monetary Committee,
                                                                                         Sole Article
Having regard to the opinion of the European
Parliament,                                                       Council Regulation (EEC) No 682/81 is hereby
                                                                  amended as follows:
Whereas the Community loan mechanism set up by
Regulations (EEC) No 397/75 (2) and (EEC)                         1. In Article 1, the words 'directly or indirectly
No 398/75 (3), and adjusted by Regulation (EEC)                      related to an increase in prices of petroleum
No 682/81, has proved effective;                                     products' are deleted.
Whereas the Community ought to be in a position to                2. In the first sentence of Article 6, '6 000 million
provide, on equal terms of access, medium-term                       ECU' is replaced by '8 000 million ECU'.
support to any Member State experiencing balance of
payments problems and undertaking to adopt an                     3. The following is inserted after the first sentence of
appropriate economic and monetary programme to                       Article 6:
ensure adjustment towards better convergence within
the Community;                                                       'Normally, no Member State may borrow more
                                                                     than 50 % of the borrowing authorized under this
                                                                     ceiling.'
(»)OJNoL73, 19. 3. 1981, p. 1.
O OJ No L 46, 20. 2. 1975, p. 1.                                  This Regulation shall be binding in its entirety and
(J) OJ No L 46, 20. 2. 1975, p. 3.                                directly applicable in all Member States.