CELEX: 31976D0614
Language: en
Date: 1976-07-21 00:00:00
Title: Commission Decision of 21 July 1976 authorizing the Italian Republic to maintain certain protective measures under Article 108 (3) of the Treaty

No L 196/20                        Official Journal of the European Communities                                22. 7. 76
                                              COMMISSION DECISION
                                                     of 21 July 1976
               authorizing the Italian Republic to maintain certain protective measures under
                                              Article 108 (3) of the Treaty
                                            (Only the Italian text is authentic)
                                                       (76/614/EEC)
 THE COMMISSION OF THE EUROPEAN                                                           Article 2
 COMMUNITIES,
                                                                 The competent authorities in the Italian Republic
 Having regard to the Treaty establishing the European           shall act in close concert with the Commission with a
 Economic Community, and in particular Article 108               view to the formulation and implementation of the
 (3) thereof,                                                    measures needed to redress the Italian economy, and
                                                                 in particular to ensure compliance with the economic
 Whereas by its Decision of 5 May 1976 ('), the                  policy conditions laid down for 1976 by Council Deci­
 Commission authorized the Italian Republic to                   sion 76/324/ EEC of 15 March 1976 (2)
 require the lodging of a deposit whenever foreign
 exchange was purchased and whenever lira were depo­                                      Article J
 sited in foreign accounts ;
 Whereas the balance of payments situation of the                Any difficulties which may arise in the application of
 Italian Republic continues to show a disquieting                the measures hereby authorized shall be jointly
 deficit notwithstanding seasonal earnings from                  examined by the Italian Republic and the Commis­
                                                                 sion .
 tourism ;
Whereas, in these circumstances the discontinueance                                       Article 4
with effect from 5 August 1976 of the current protec­
 tive measure would cause a depreciation of the lira             The Commission reserves the right to amend or
 which would be bound to aggravate the external imbal­           repeal this Decision before the date fixed in Article 1
 ance and increase the inflationary pressures on the             if it finds that the circumstances in consideration of
 Italian economy, thus wiping out all the good done by           which the Decision was adopted have changed, or that
 the application of the measure ;                                the effects of the Decision are more restrictive than its
                                                                 purpose requires, or are having particularly serious
Whereas temporary continuation of the provision                  consequences for trade, notably in agricultural
 requiring the lodging of deposits should enable the             products coming under a common organization of the
 authorities of the Italian Republic, acting in concert          market.
with the Commission, to draw up a stabilization
 programme,                                                                               Article 5
 HAS ADOPTED THIS DECISION :
                                                                 This Decision is addressed to the Italian Republic.
                         A rticle 1                              Done at Brussels, 21 July 1976.
The Italian Republic is authorized to maintain in
                                                                                            For the Commission
 force for a period of three months, expiring on 5
 November 1976, the provisons for the compulsory                                                The President
 lodging of deposits authorized by Articles 1 and 2 of
 the Commission Decision on 5 May 1976.                                                    Francois-Xavier ORTOLI
(») OJ No L 120, 7. 5. 1976, p. 30.                              (2) OJ No L 77, 24. 3 . 1976, p. 16.