CELEX: 51984PC0679
Language: en
Date: 1984-11-29
Title: PROPOSAL FOR A COUNCIL DECISION concerning the extension of the machinery for medium-term financial assistance (Presented by the Commission to the Council)

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COM (84) 679
Vol. 1984/0248
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 ---pagebreak---                                                                               COM(84) 679 f i n a l
       COMMISSION                                                             Brussels, 29 november 1984
            OF THE
EUROPEAN COMMUNITIES                                                          FOR OFFICIAL USE ONLY
    G e n e ra l Se cre ta riat
                                            PROPOSAL FOR A COUNCIL DECISION
           co n ce rn in g the e x te n s io n o f th e m achinery f o r medium-term f i n a n c i a l assistance
                                (Presented by th e Commission t o th e C o u n c il)
 COM(84) 679 f i n a l
 ---pagebreak---                                           EXPLANATORY MEMORANDUM
             A r t i c l e 1 (2) o f D e c is io n 71/143/EEC o f 22 March 1971 s e t t i n g up
m achinery f o r medium-term f i n a n c i a l a s s is ta n c e , as l a s t amended by
 D e c is io n 80/1264/EEC o f 15 December 1980 and l a s t renewed by D e cision
8 2 /8 7 1 /EEC o f 28 December 1982, p r o v id e s t h a t the o b l i g a t i o n r e s u l t i n g
from th e m achinery s h a l l a p p ly u n t i l . 31 December 1984, u n le ss the d e f i ­
n i t i v e phase o f th e EMS, in v o l v i n g th e c o n s o li d a t io n o f a l l Community
 le n d in g schemes, i s set up b e fo re t h a t d a te .
             As no d e f i n i t e d a te has y e t been f i x e d f o r moving on to the f i n a l
stage in th e development o f th e EMS, th e Commission proposes t h a t at i t s
m eeting o f December 1984, th e C o u n cil should decide t o extend the v a l i d i t y
o f the m achinery f o r a f u r t h e r two years u n t i l 31 December 1986, or u n t i l
the d e f i n i t i v e phase o f th e EMS i s set up, whichever i s e a r l i e r .
 ---pagebreak---                                       PROPOSAL FOR A COUNCIL DECISION
                  concerning the e x t e n s i o n o f the machinery f o r medium-term
                                              f i n a n c i a l a s s is ta n c e
 THE COUNCIL OF THE EUROPEAN COMMUNITIES,
 Having regard t o the Tr ea ty e s t a b l i s h i n g the European Economic Community,
 and i n p a r t i c u l a r A r t i c l e s 103 and 108 t h e r e o f ,
 Having regard t o the propo sal from the Commission, submitted a f t e r c o n s u l­
 t a t i o n w i th the Monetary Committee,
 Whereas, by Decision 71/143/EEC ( 1 ) , as l a s t amended by Decision 80/1264/EEC                         ( 2) ,
 the Council set up machinery f o r medium-term f i n a n c i a l as s i s ta n c e v a l i d f o r
 an i n i t i a l p e r io d of f o u r years from 1 January 1972 ;
 Whereas t h i s machinery has been r e g u l a r l y renewed, and extended, on the l a s t
 o cc as io n, f o r two years u n t i l 31 December 1984 by Decision 82 /8 71/EEC (3) ;
 Whereas i t i s a p p r o p r i a t e t h a t the Member Stat es o b l i g a t i o n s remain in f o r c e
 u n t i l the d e f i n i t i v e stage of the European monetary system i s e s t a b l i s h e d ,
 HAS ADOPTED THIS DECISION :
 A rtic le 1
 A rtic le    1 (2) o f Decision 71/143/EEC s h a l l be replac ed by the f o l l o w i n g           :
   " 2 This o b l i g a t i o n s h a l l app ly u n t i l 31 December 1986, unless the d e f i n i t i v e
           phase o f the EMS i s set up be fo re t h i s d a t e . "
A rtic le 2
This Decision i s addressed t o th e Member S t a t e s .
Done at B r u s s e l s ,
                                                                                  For the Counci l
                                                                                   The P re s id en t
(1) 0J N° L 73, 2 7 . 3. 19 7 1, p. 15
(2) 0J N° L 375, 31.12 .1 98 0, p. 16
(3) 0J N° L 368, 28.12.19 82, p. 43