Council Regulation (EEC) No 1131/85 of 30 April 1985 amending Regulation (EEC) No 682/81 adjusting the Community loan mechanism designed to support the balances of payments of Member States

COUNCIL  REGULATION (EEC) No 1131/85
of 30 April 1985
amending Regulation (EEC) No 682/81 adjusting the Community loan mechanism designed to support the balances of payments of Member States
THE COUNCIL OF THE EUROPEAN
COMMUNITIES
,
Having regard to the Treaty establishing the European Economic Community, and in particular Article 235 thereof,
Having regard to the proposal from the Commission (1), submitted following consultation with the Monetary Committee,
Having regard to the opinion of the European Parliament (2),
Whereas the Community loan mechanism set up by Regulations (EEC) No 397/75 (3) and (EEC) No 398/75 (4) and adjusted by Regulation (EEC) No 682/81 (5) has proved effective;
Whereas the Community ought to be in a position to provide, on equal terms of access, medium-term support to any Member State experiencing balance of payments problems and undertaking to adopt an economic and monetary programme designed to ensure the adjustment necessary for better convergence within the Community;
Whereas it is appropriate to introduce a rule governing access by each Member State to the Community loan mechanism;
Whereas balance of payments difficulties justifying recourse to the mechanism may be due to factors other than an increase in price of petroleum products; whereas it is appropriate to refrain in future from subjecting implementation of the mechanism to the pressure of a specific cause of external disequilibrium,