31975L0784

No L 330/48 Official Journal of the European Communities ; 12. 75

COUNCIL DIRECTIVE

of 18 December 1975

adapting the conditions laid down for the grant of medium-term financial assi tance to the Italian Republic

(75/784/ EEC)

THE COUNCIL OF THE EUROPEAN account of the central government l-ause the dete­ COMMUNITIES, rioration noted during 1975 ; wleas a substantial reduction of monetary financing c^e deficit on trea­ Having regard to the Treaty establishing the European sury transactions is necessary in ordance with para­ Economic Community, and in particular Article graph 2 of the same Article, d ^ therefore 108(2) thereof ; appears to be advisable to set filing for this ;

Having regard to Council Directive 74/637/EEC (*) of Whereas it appears necessary Council should 17 December 1974 granting medium-term financial be able to adapt again for and, where appro­ assistance to the Italian Republic, and in particular priate, in the course of 1976 e conditions laid down Article 8 thereof ; in Directive 74/637/EEC as APted bY this Directive ;

Having regard to the recommendation submitted by Whereas it should be po^e to intermediate the Commission, after consulting the Monetary objectives shortly ; Committee ; Whereas it appears advisae to set a deadline for esta­ Whereas the economic situation of the Italian Repu­ blishing the extent to wth the conditions laid down blic has been the subject of detailed examination in in Article 7 of Direce 74/637/ EEC have been collaboration with the Monetary Committee ; whereas fulfilled , this examination has revealed a considerable improve­ ment in the internal and external economic equili­ brium ; whereas the principle objective of Directive HAS ADOPTED THIS IRECTIVE : 74/637/ EEC was to improve the balance of payments by means of the achievement in 1975 of a surplus of at least 1 000 million US dollars on the Italian trade Article 1 balance, leaving aside net imports of petroleum products ; whereas this objective has been attained and 1 . The econom policy measures set out in Article even substantially exceeded ; 6 of Directive 4/637/ EEC shall be adapted as follows : Whereas Article 8 of Directive 74/ 637/ EEC provides for the adaptation by the Council for 1976 of the (a) the growth total lending, as defined in Article conditions laid down in Article 6 concerning the 6(1 ) of Dir^ve 74/637/EEC, shall be limited to economic policy measures to be taken by the Italian Lit 31 00000 million in respect of the 1976 Republic ; whereas, for 1976, the principle objective of calendar v r ; these measures is to keep the overall trade balance deficit (difference between imports fob and exports (b) the defic on treasury transactions, as defined in fob) below Lit 1 500 000 million ; whereas the outlook Article 3) of Directive 74/637/ EEC, must not exceed t 14 800 000 million in respect of the for the development of economic activity is, in the 1976 c ndar Yearpresent situation , particularly uncertain ; whereas it is therefore necessary to monitor with particular care the 2. Theeconomic policy measures set out in development of the economic situation in Italy in the Article 7* Directive 74/637/ EEC shall be adapted as course of 1976 and to adapt the objectives laid down , follows : should the economic assumptions on which they are based need to be modified ; (a) the te of increase in central government current exditure must not exceed 15 % in the 1976 Whereas Article 7 of Directive 74/ 637/ EEC sets out candar year. The central government shall take medium-term economic policy guidelines ; whereas srs to ensure that other public authorities and these guidelines are assuming an increasing impor­ social security institutions limit their current tance as the date of expiry of the financial assistance penditure in 1976 to the same extent ; approaches ; whereas a special effort should be made by the Italian authorities to improve the current (b) entral bank financing of the deficit on treasury ransactions shall be limited to Lit 5 700 000 (■) OJ No L 341 , 20 . 12 . 1974, p. 51 . million in the 1976 calendar year.

24 . 12 . 75 Official Journal of the European Communities No L 330/49

Article 2 4. By 31 December 1976, the Italian authorities shall communicate to the Commission the extent to 1 . Before the end of February 1976, intermediate which the measures laid down in Article 7 of Direc­ objectives shall be jointly agreed by the Italian authori­ tive 74/ 637/ EEC have been achieved. ties and the Commission as regards the measures set out in Article 1 ( l)(a) and (2). Article 3 2. Acting on a recommendation from the Commis­ This Directive is addressed to the Member States. sion, the Council may, in the course of 1976, decide on the adaptation of the objectives referred to in Article 1 should the economic assumptions on which these objectives are based need to be substantially Done at Brussels, 18 December 1975. modified . For the Council 3 . Acting on a recommendation from the Commis­ sion, the Council shall, by the end of 1976, adapt for The President the following year the objectives referred to in Article 1 . M. TOROS