Commission Decision of 25 February 1987 amending Decision 85/16/EEC authorizing the Italian Republic to continue to apply certain protective measures pursuant to Article 108 (3) of the EEC treaty (Only the Italian text is authentic)

COMMISSION  DECISION
of 25 February 1987
amending Decision 85/16/EEC authorizing the Italian Republic to continue to apply certain protective measures pursuant to Article 108 (3) of the EEC treaty
(Only the Italian text is authentic)
(87/151/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 Decision 85/16/EEC (1), as amended by Decision 86/276/EEC (2), the Commission authorized the Italian Republic to continue to apply certain protective measures to capital movements liberalized in accordance with the Council Directive of 11 May 1960 (3), as amended by the Directive of 18 December 1962 (4);
Whereas the Italian authorities have since relaxed some of the restrictions on capital movements; whereas, in particular, the Italian Government has reduced the amount which must be lodged in a non-interest-earning bank deposit by residents investing in real estate abroad or acquiring foreign securities;
Whereas Council Directive 86/566/EEC (5) widened the obligations of Member States in respect of the liberalization of capital movements; whereas the Italian Republic has requested the Commission to extend the scope of the previously authorized protective measures to newly liberalized operations of the same type as those covered by Decision 85/16/EEC or presenting an equivalent threat to the balance of payments;
Whereas the authorization to apply the protective measures should be amended accordingly,