CELEX: 51992SC1080
Language: en
Date: 1992-06-03
Title: Proposal for a COUNCIL DECISION providing further medium-term financial assistance for Romania

No C 164/ 30                            Official Journal of the European Communities                                  1 . 7 . 92
 7. Article 16 is replaced by the following :                           'Other products of animal origin not covered by
                                                                        Annex A to this Directive or by Annexes A or B-B to
      'Article 16                                                       Directive 90/425 /EEC (1). The products shall be
                                                                        defined by the Commission.
      1.    Member States shall submit to the Commission,
      in harmonized form , basic information on veterinary
      checks carried out in line with this Directive .                  (l) OJ No L 224, 18 . 8 . 1990, p. 29.'
      2.    The Commission shall examine the information
      referred to in paragraph 1 within the Standing                                         Article 2
      Veterinary Committee and may, in accordance with            Member States shall bring into force the laws, regu­
      the procedure laid down in Article 18 , adopt suitable
      measures .
                                                                  lations and administrative provisions necessary to comply
                                                                  with this Directive by 1 July 1992 and shall forthwith
                                                                  inform the Commission thereof.
      3 . Detailed rules for the application of this
      Article, in particular on frequency of communication
      of information, the form in which it is to be given         When Member States adopt these provisions, these shall
      and its nature shall be drawn up in accordance with         contain a reference to this Directive or shall be accom­
      the procedure laid down in Article 18 .';                   panied by such reference at the time of their official
                                                                  publication. The procedure for such reference shall be
  8 . Article 19 ( 1 ) is deleted ;                               adopted by Member States .
 9 . Articles 20 and 21 are deleted ;
                                                                                             Article 3
10 . the following subparagraph is added to Annex B :             This Directive is addressed to the Member States .
                Proposal for a Council Decision providing further medium-term financial assistance for
                                                            Romania
                                                         (92/C 164/ 14)
                                                       SEC(92) 1080 final
                                        (Submitted by the Commission on 3 June 1992)
THE COUNCIL OF THE EUROPEAN COMMUNITIES ,                         Whereas the financial support of the reforms from the
                                                                  Community will strengthen mutual confidence and bring
Having regard to the Treaty establishing the European             Romania closer to the Community ;
Economic Community, and in particular Article 235
thereof,                                                          Whereas Romania and the Community have entered into
                                                                   negotiations for the conclusion of European agreements
                                                                   establishing a relationship of association ;
Having regard to the proposal of the Commission
submitted following consultation with the Monetary
Committee ,
                                                                  Whereas, by Decision 91 / 384 /EEC ('), the Council
                                                                   decided to grant Romania medium-term financial
                                                                   assistance of a maximum amount of ECU 375 million,
Having regard to the opinion of the European                      with a view to ensuring a sustainable balance­
Parliament,                                                        of-payments situation in that country ;
Whereas Romania is undertaking fundamental political               Whereas, however, despite the Romania government's
and economic reforms and has decided to adopt a                    courageous implementation of adjustment measures and
market economy model ;                                             structural reforms , the stabilization phase of the
                                                                   Romanian economy is still under way and whereas
Whereas the said reforms are under implementation with             additional official support is required in order to ensure
financial support from the Community and whereas the
reform process need to be consolidated and broadened ;             O OJ No L 208 , 30 . 7 . 1991 , p. 64 .
 ---pagebreak--- 1 . 7 . 92                             Official Journal of the European Communities                            No C 164/ 31
the sustainability of the balance of payments and the            Community, the necessary resources that will be placed
strengthening of the reserve position ;                          at the disposal of Romania in the form of a loan .
Whereas the Romanian authorities have requested                  3 . This loan will be managed by the Commission in
financial assistance from the International Monetary             full consultation with the Monetary Committee and in a
Fund (IMF), the Group of 24 industrial countries and             manner consistent with any agreement reached between
                                                                 the IMF and Romania .
the European Community, and whereas, over and above
the estimated financing which could be provided by the
IMF and the World Bank and the carryover of financial
assistance provided by the Group of 24 industrial                                           Article 2
countries for 1991 , a residual financial gap of some US$
180 million remains to be covered in 1992 , in order to           1.   The Commission is empowered to negotiate with
avoid an additional degree of import compression which           the Romanian authorities, after consultation with the
could seriously jeopardize the achievement of the policy         Monetary Committee, the economic policy conditions
objectives underlying the government's reform effort;            attached to the loan . These conditions shall be consistent
                                                                 with the agreements referred to in the third paragraph of
                                                                 Article 1 and with arrangements made by the Group of
                                                                 24 industrial countries .
Whereas the Commission as coordinator of assistance
from the Group of 24 industrial countries has invited
them to provide medium-term financial assistance to              2. The Commission shall verify at regular intervals, in
Romania ;
                                                                 collaboration with the Monetary Committee and in close
                                                                 coordination with the Group of 24 industrial countries
                                                                 and the IMF, that the economic policy in Romania is in
Whereas the grant by the Community of a medium-term              accordance with the objectives of this loan and that its
loan to Romania is an appropriate measure to support             conditions are being fulfilled.
the balance of payments and to strengthen the country's
reserve position ;
                                                                                            Article 3
Whereas the question of the risks associated with                1.    Subject to the provisions of Article 2 (2), the loan
guarantees from the general budget of the European               shall be made available to Romania in one instalment on
Communities will be examined in the context of the               the basis of a satisfactory track record in the implemen­
renewal in 1992 of the Interinstitutional Agreement on           tation of the 'stand-by arrangement' to be agreed
budgetary discipline and improvement of the budgetary            between Romania and the IMF.
procedure ;
                                                                 2.    The funds shall be paid to the National Bank of
                                                                 Romania .
Whereas the Community loan should be managed by the
Commission ;
                                                                                            Article 4
Whereas the Treaty does not provide, for the adoption            1 . The borrowing and lending operations referred to
of this Decision, powers other than those of Article 235,        in Article 1 shall be carried out using the same value date
                                                                 and must not involve the Community in the transform­
                                                                 ation of maturities, in any exchange or interest-rate risk,
                                                                 or in any other commercial risk.
HAS DECIDED AS FOLLOWS :
                                                                 2.    The Commission shall take the necessary steps, if
                          Article 1                              Romania so decides , to include in the loan conditions,
                                                                 and also to exercise, an early repayment clause .
1.      The Community shall grant to Romania a
medium-term loan facility of a maximum amount of
ECU 80 million in principal, with a maximum duration             3 . At the request of Romania, and if circumstances
of seven years, with a view to ensuring a sustainable            permit an improvement in the interest rate on the loans,
balance-of-payments situation and strengthening the              the Commission may refinance all or part of its initial
reserve position .                                               borrowings or restructure the corresponding financial
                                                                 conditions . Refinancing or restructuring operations shall
                                                                 be carried out in accordance with the conditions set out
2 . To this end the Commission is empowered to                   in paragraph 1 and shall not have the effect of extending
borrow, on behalf of the European Economic                       the average duration of the borrowing concerned or
 ---pagebreak--- No C 164 / 32                           Official Journal of the European Communities                                    1 . 7 . 92
increasing the amount, expressed at the current exchange            5 . The Monetary Committee shall be kept informed
rate, of capital outstanding at the date of the refinancing         of developments in the operations referred to in para­
or restructuring.                                                   graphs 2 and 3 at least once a year.
                                                                                              Article 5
                                                                    At least once a year the Commission shall address to the
4. All related costs incurred by the Community in                   European Parliament and to the Council a report, which
concluding and carrying out the operation under this                will include an evaluation on the implementation of this
Decision shall be borne by Romania.                                 Decision .
              Proposal for a Council Decision providing further medium-term financial assistance for Bulgaria
                                                         (92 / C 164/ 15)
                                                      SEC(92) 1081 final
                                        (Submitted by the Commission on 3 June 1992)
THE COUNCIL OF THE EUROPEAN COMMUNITIES,                            Whereas, however, despite the Bulgaria government's
                                                                    courageous implementation of adjustment measures and
Having regard to the Treaty establishing the European               structural reforms, the stabilization phase of the
Economic Community, and in particular Article 235                   Bulgarian economy is still under way and whereas
thereof,                                                            additional official support is required in order to ensure
                                                                    the sustainability of the balance of payments and the
                                                                    strengthening of the reserve position ;
Having regard to the proposal of the Commission
submitted following consultation with the Monetary                  Whereas the Bulgarian authorities have requested
Committee,                                                          financial assistance from the International Monetary
                                                                    Fund (IMF), the Group of 24 industrial countries and
Having regard to the opinion of the European                        the European Community, and whereas, over and above
Parliament,                                                         the estimated financing which could be provided by the
                                                                    IMF and the World Bank and the carryover of financial
                                                                    assistance provided by the Group of 24 industrial
Whereas Bulgaria is undertaking fundamental political               countries for 1991 , a residual financial gap of some US$
and economic reforms and has decided to adopt a                     240 million remains to be covered in 1992 , in order to
market economy model ;                                              strengthen Bulgaria's   reserve position and to avoid an
                                                                    additional degree of    import compression which could
Whereas the said reforms are under implementation with              seriously w jeopardize  the achievement of the policy
financial support from the Community and whereas the                objectives underlying  the government's reform effort ;
reform process needs to be consolidated and broadened ;
                                                                    Whereas the success of the reform process in Bulgaria
Whereas the financial support of the reforms from the               will depend crucially on the solution of the acute debt
Community will strengthen mutual confidence and bring               problem which the country is facing and whereas the
Bulgaria closer to the Community;                                   Community's financial assistance should be conditional
                                                                    upon decisive progress towards a comprehensive
                                                                    medium-term restructuring arrangement between
Whereas Bulgaria and the Community have entered into                Bulgaria and its commercial bank creditors ;
negotiations for the conclusion of European agreements
establishing a relationship of association ;                        Whereas the Commission as coordinator of assistance
                                                                    from the Group of 24 industrial countries has invited
Whereas, by Decision 91 /31 1 /EEC (*), the Council                 them to provide medium-term financial assistance to
decided to grant Bulgaria medium-term financial                     Bulgaria ;
assistance of a maximum amount, of ECU 290 million,
with a view to ensuring a sustainable balance of                    Whereas the grant by the Community of a medium-term
payments situation in that country;                                 loan to Bulgaria is an appropriate measure to support the
                                                                    balance of payments and to strengthen the country's
(') OJ No L 174, 3 . 7 . 1991 , p. 36 .                             reserve position ;