CELEX: 31975D0487
Language: en
Date: 1975-07-23 00:00:00
Title: 75/487/EEC: Commission Decision of 23 July 1975 authorizing the United Kingdom to take certain protective measures in accordance with Article 108 (3) of the EEC Treaty

9 . 8 . 75                       Official Journal of the European Communities                              No L 21 1 /29
                                                           II
                                    (Acts whose publication is not obligatory)
                                             COMMISSION
                                           COMMISSION DECISION
                                                   of 23 July 1975
               authorizing the United JCingdom to take certain protective measures in accor­
                                dance with Article 108 (3) of the EEC Treaty
                                        (Only the English text is authentic)
                                                     (75/487/EEC)
THE COMMISSION OF THE EUROPEAN                                  the measures taken by the United Kingdom, made a
COMMUNITIES,                                                    recommendation to it, on 15 July 1975, under Article
                                                                108 ( 1 ) of the Treaty ;
Having regard to the Treaty establishing the European
Economic Community, and in particular Article                   Whereas, however, because of the serious deterioration
108 (3) thereof ;                                               in the British economic situation , the measures recom­
                                                                mended to the United Kingdom under Article 108(1 )
Having regard to the Act of Accession, and in parti­            of the Treaty are not sufficient, since they cannot,
cular Article 1 24 thereof ;                                    alone, make any immediate contribution to restoring
                                                                equilibrium to the balance of payments ;
Whereas the United Kingdom 's economic situation
has entailed serious balance of payments difficulties
and consequently a marked depreciation of sterling ;            Whereas the Commission , having informed the
                                                                Council that mutual assistance was not appropriate
                                                                under the circumstances, no mutual assistance has
Whereas the situation is still worrying and whereas             been granted under Article 108 , paragraph 2 of the
the British economy is faced with exceptional circum­
                                                                Treaty.
stances both within the country and vis-a-vis abroad
in respect of the disequilibrium in the balance of
payments ;                                                      Whereas it is therefore the Commission 's responsi­
                                                                bility to authorize the implementation of appropriate
Whereas the United Kingdom informed the Commis­                 protective measures under Article 108(3) of the
sion that it had adopted measures to reduce the dise­           Treaty ;
quilibrium in the balance of payments ;
                                                                Whereas the restoration of its external financial posi­
Whereas, because of the worsening of the economic
                                                                tion requires the temporary maintenance by the
situation , the United Kingdom subsequently informed
the Commission that it was not in a position to fulfil
                                                                United Kingdom of the measures in force derogating
                                                              • from Community obligations in respect of the free
the obligations arising from Article 124(1 ) (a) and (b)
of the Act of Accession , and in this connection
                                                                movement of capital ;
invoked Article 109 of the Treaty ;
                                                                Whereas the situation of the United Kingdom and the
Whereas the Commission , after investigating the posi­          practical effects of the United Kingdom measures
tion of the British economy under Article 108(1 ), and          should be regularly reviewed,
 ---pagebreak--- No L 211 /30                        Official Journal of the European Communities                              9 . 8 . 75
HAS ADOPTED THIS DECISION :                                                           Article 2
                         A rticle 1
                                                               1 . The Commission will keep under close review
                                                              the development of the economic situation in the
The United Kingdom is authorized, on a temporary               United Kingdom . Before 30 June 1976 it will make
basis, to maintain , within the limit of the measures          an examination of the situation and of the effects of
actually in force on the date when this Decision is            the measures authorized herein .
notified, the restrictions on :
                                                               2.   The Commission reserves the right to amend or
— direct investments in Member States by United                revoke this Decision if it finds that the conditions on
    Kingdom residents and the liquidation of direct            which it was based have changed or that the effects of
    investments in Member States by United                     the Decision are more restrictive than is necessary to
    Kingdom residents ;                                        achieve its purpose.
— the following capital movements of a personal
    nature :                                                                          Article 3
    — transfers of capital belonging to United
        Kingdom residents who are emigrating, other            This Decision is addressed to the United Kingdom .
        than transfers connected with freedom of move­
        ment for workers, liberalized from the date of
        accession ;                                             Done at Brussels, 23 July 1975.
    — gifts and endowments, dowries, succession
                                                                                         For the Commission
        duties, and real estate investments other than
        those connected with freedom of movement                                             The President
         for workers, liberalized from the date of acces­
        sion .                                                                          Francois-Xavier ORTOLI