31975D0355

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( 1 ) OJ NO L 152 , 8 . 6 . 1974 , P . 18 .

( 2 ) OJ NO L 30 , 4 . 2 . 1975 , P . 19 .

COMMISSION DECISION OF 26 MAY 1975 AMENDING THE COMMISSION DECISION OF 8 MAY 1974 AUTHORIZING THE ITALIAN REPUBLIC TO TAKE CERTAIN PROTECTIVE MEASURES UNDER ARTICLE 108 ( 3 ) OF THE TREATY

( ONLY THE ITALIAN TEXT IS AUTHENTIC )

( 75/355/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 NO 74/287/EEC ( 1 ) OF 8 MAY 1974 , THE COMMISSION AUTHORIZED THE ITALIAN REPUBLIC TO ADOPT PROTECTIVE MEASURES IMPOSING THE REQUIREMENT , UPON IMPORTATION OF CERTAIN AGRICULTURAL AND INDUSTRIAL PRODUCTS , TO LODGE AN INTEREST-FREE SIX-MONTH DEPOSIT WITH THE BANK OF ITALY , THE AMOUNT OF WHICH SHOULD NOT EXCEED 50 % OF THE CIF VALUE OF THE GOODS ( ARTICLE 1 ) , AND THE TEMPORARY REQUIREMENT ON ITALIAN RESIDENTS TO LODGE AN INTEREST-FREE BANK DEPOSIT NOT EXCEEDING 50 % OF THE VALUE OF THEIR INVESTMENT TRANSACTIONS IN OTHER MEMBER STATES ( ARTICLE 5 ) ; WHEREAS BY SUBSEQUENT DECISIONS ADOPTED BY THE COMMISSION , THE MOST RECENT ON 31 JANUARY 1975 ( 2 ) , MOST AGRICULTURAL ITEMS WERE PARTLY OR WHOLLY EXEMPTED FROM THE IMPORT DEPOSIT REQUIREMENT ;

WHEREAS THE MAIN OBJECTIVE OF THE AUTHORIZATIONS PROVIDED FOR IN ARTICLES 1 AND 5 OF THE ABOVEMENTIONED DECISION OF 8 MAY WAS TO ALLOW ITALY TO RESTRICT ITS MONEY SUPPLY , WITH THE AIM OF COUNTERACTING THE SHARP DETERIORATION IN ITS BALANCE OF PAYMENTS ;

WHEREAS THE BALANCE OF PAYMENTS HAS RECENTLY RECOVERED TO SOME EXTENT , AND WHEREAS THIS RECOVERY IS PARTLY DUE TO THE TREND IN THE TRADE BALANCE , WHICH , THOUGH REMAINING IN DEFICIT , TENDED TO STABILIZE , BETWEEN JUNE AND DECEMBER 1974 AND , FOR THE FIRST TIME , TO GAIN GROUND EARLY IN 1975 ;

WHEREAS , MOREOVER , THE ITALIAN GOVERNMENT , UNDER THE ABOVEMENTIONED DECISION OF 8 MAY , ABOLISHED WITH EFFECT FROM 24 MARCH 1975 THE REQUIREMENT TO LODGE A DEPOSIT UPON IMPORTATION OF THE ITEMS STILL SUBJECT TO IT ;

WHEREAS , THEREFORE , THE AUTHORIZATION CONCERNING THE ABOVEMENTIONED DEPOSIT NO LONGER SERVES ANY PURPOSE AND WHEREAS IT SHOULD CONSEQUENTLY BE REPEALED ;

WHEREAS , HOWEVER , THE ECONOMIC AND FINANCIAL SITUATION AT PRESENT EXISTING IN ITALY REQUIRES THE RETENTION OF THE AUTHORIZATION CONCERNING INVESTMENTS IN OTHER MEMBER STATES ,

HAS ADOPTED THIS DECISION :

ARTICLE 1

ARTICLES 1 , 2 , 3 , 4 AND 7 ( 3 ) , ( 4 ) AND ( 5 ) OF DECISION NO 74/287/EEC OF 8 MAY 1974 ARE HEREBY REPEALED .

ARTICLE 2

THIS DECISION IS ADDRESSED TO THE ITALIAN REPUBLIC .

DONE AT BRUSSELS , 26 MAY 1975 .

FOR THE COMMISSION

P.J . LARDINOIS

MEMBER OF THE COMMISSION