CELEX: 31975L0784
Language: en
Date: 1975-12-18 00:00:00
Title: Council Directive 75/784/EEC of 18 December 1975 adapting the conditions laid down for the grant of medium-term financial assistance to the Italian Republic

No L 330/48                          Official Journal of the European Communities                               ; 12. 75
                                                 COUNCIL DIRECTIVE
                                                  of 18 December 1975
              adapting the conditions laid down for the grant of medium-term financial assi
                                              tance to the Italian Republic
                                                       (75/784/EEC)
THE COUNCIL OF THE EUROPEAN                                     account of the central government l-ause the dete­
COMMUNITIES,                                                    rioration noted during 1975 ; wleas a substantial
                                                                 reduction of monetary financing c^e deficit on trea­
Having regard to the Treaty establishing the European           sury transactions is necessary in ordance with para­
Economic Community, and in particular Article                   graph 2 of the same Article, d               ^ therefore
108(2) thereof ;                                                appears to be advisable to set filing for this ;
Having regard to Council Directive 74/637/EEC (*) of            Whereas it appears necessary              Council should
17 December 1974 granting medium-term financial                 be able to adapt again for            and, where appro­
assistance to the Italian Republic, and in particular            priate, in the course of 1976 e conditions laid down
Article 8 thereof ;                                              in Directive 74/637/EEC as APted bY this Directive ;
Having regard to the recommendation submitted by                Whereas it should be po^e to                intermediate
the Commission, after consulting the Monetary                    objectives shortly ;
Committee ;
                                                                Whereas it appears advisae to set a deadline for esta­
Whereas the economic situation of the Italian Repu­              blishing the extent to wth the conditions laid down
blic has been the subject of detailed examination in             in Article 7 of Direce 74/637/ EEC have been
collaboration with the Monetary Committee ; whereas              fulfilled ,
this examination has revealed a considerable improve­
ment in the internal and external economic equili­
brium ; whereas the principle objective of Directive
74/637/ EEC was to improve the balance of payments               HAS ADOPTED THIS IRECTIVE :
by means of the achievement in 1975 of a surplus of
at least 1 000 million US dollars on the Italian trade
                                                                                         Article 1
balance, leaving aside net imports of petroleum
products ; whereas this objective has been attained and
even substantially exceeded ;                                    1 . The econom policy measures set out in Article
                                                                 6 of Directive 4/637/ EEC shall be adapted as
Whereas Article 8 of Directive 74/637/EEC provides               follows :
for the adaptation by the Council for 1976 of the
conditions laid down in Article 6 concerning the                 (a) the growth total lending, as defined in Article
economic policy measures to be taken by the Italian                   6(1 ) of Dir^ve 74/637/EEC, shall be limited to
                                                                      Lit 31 00000 million in respect of the 1976
Republic ; whereas, for 1976, the principle objective of              calendar v r ;
these measures is to keep the overall trade balance
deficit (difference between imports fob and exports              (b) the defic on treasury transactions, as defined in
fob) below Lit 1 500 000 million ; whereas the outlook                Article 3) of Directive 74/637/ EEC, must not
for the development of economic activity is, in the                   exceed t 14 800 000 million in respect of the
present situation , particularly uncertain ; whereas it is            1976 c ndar Year-
therefore necessary to monitor with particular care the
development of the economic situation in Italy in the            2. The economic policy measures set out in
course of 1976 and to adapt the objectives laid down ,           Article 7* Directive 74/637/ EEC shall be adapted as
should the economic assumptions on which they are                follows :
based need to be modified ;
                                                                 (a) the te of increase in central government current
Whereas Article 7 of Directive 74/ 637/ EEC sets out                  exditure must not exceed 15 % in the 1976
                                                                      candar year. The central government shall take
medium-term economic policy guidelines ; whereas                      srs to ensure that other public authorities and
these guidelines are assuming an increasing impor­                       social security institutions limit their current
tance as the date of expiry of the financial assistance
                                                                      penditure in 1976 to the same extent ;
approaches ; whereas a special effort should be made
by the Italian authorities to improve the current                (b) entral bank financing of the deficit on treasury
                                                                    ransactions    shall  be  limited  to  Lit  5 700 000
(■) OJ No L 341 , 20 . 12 . 1974, p. 51 .                           million in the 1976 calendar year.
 ---pagebreak--- 24 . 12. 75                        Official Journal of the European Communities                      No L 330/49
                         Article 2                            4.    By 31 December 1976, the Italian authorities
                                                              shall communicate to the Commission the extent to
1 . Before the end of February 1976, intermediate            which the measures laid down in Article 7 of Direc­
objectives shall be jointly agreed by the Italian authori­    tive 74/ 637/ EEC have been achieved.
ties and the Commission as regards the measures set
out in Article 1 ( l)(a) and (2).
                                                                                    Article 3
2. Acting on a recommendation from the Commis­
sion, the Council may, in the course of 1976, decide         This Directive is addressed to the Member States.
on the adaptation of the objectives referred to in
Article 1 should the economic assumptions on which
these objectives are based need to be substantially           Done at Brussels, 18 December 1975.
modified .
                                                                                         For the Council
3 . Acting on a recommendation from the Commis­
sion, the Council shall, by the end of 1976, adapt for                                    The President
the following year the objectives referred to in Article
 1.                                                                                         M. TOROS