85/15/EEC: Commission Decision of 19 December 1984 authorizing Ireland to continue to apply certain protective measures pursuant to Article 108 (3) of the Treaty (Only the English text is authentic)

COMMISSION  DECISION
of 19 December 1984
authorizing Ireland to continue to apply certain protective measures pursuant to Article 108 (3) of the Treaty
(Only the English text is authentic)
(85/15/EEC)
THE COMMISSION OF THE EUROPEAN
COMMUNITIES
,
Having regard to the Treaty establishing the European Economic Community, and in particular Article 108 (3) thereof,
Whereas by the Decision of 3 December 1980, the Commission authorized Ireland to take certain measures pursuant to Article 108 (3) of the Treaty;
Whereas, despite the marked improvement obtained by applying from 1981 a set of measures with the medium-term objective of restoring the financial situation and reinforcing the competitiveness of the Irish economy, the balance on current transactions is still heavily in deficit;
Whereas the cost of major external indebtedness, which has been aggravated in particular by the appreciation of the dollar and the rise of international interest rates in real terms, is exercising a serious constraint on the conduct of the process of adjusting the Irish economy;
Whereas the continuation of that process against the background of a stable exchange rate for the Irish pound requires that the measures Ireland was authorized to take to prevent an excessive outflow of capital should be maintained;
Whereas the Irish authorities must see to it that any appreciable improvement in the payments situation and the external indebtedness situation leads to a relaxation of the protective measures,