78/1041/EEC: Council Decision of 21 December 1978 amending Decision 71/143/EEC setting up machinery for medium-term financial assistance

COUNCIL DECISION  of 21 December 1978  amending Decision 71/143/EEC setting up machinery for medium-term financial assistance  (78/1041/EEC)
THE COUNCIL OF THE EUROPEAN COMMUNITIES
,
Having regard to the Treaty establishing the European Economic Community, and in particular Articles 103 and 108 thereof,
Having regard to the opinion of the Monetary Committee,
Having regard to the proposal from the Commission,
Whereas the European Council meeting in Brussels adopted, on 5 December 1978, a resolution setting out the arrangements for the establishment of the European monetary system ; whereas this system implies an increase in the commitment ceilings of the Member States within the medium-term financial assistance machinery ; whereas the European Council expressly laid down that the amount of this assistance should be raised to 11 000 million ECU effectively available;
Whereas the resolution of the European Council of 5 December 1978 states that the existing credit arrangements will be maintained for the initial phase of the European monetary system and will be consolidated into a single fund in the final phase ; whereas it is appropriate that the obligations of the Member States cover the whole transitional period of the system;
Whereas it is expedient to use the ECU in medium-term financial assistance as well as in short-term monetary support for denominating claims and obligations,