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Document 11957E108
TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PART THREE - POLICY OF THE COMMUNITY, TITLE II - ECONOMIC POLICY, CHAPTER 2: BALANCE OF PAYMENTS, ARTICLE 108
TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PART THREE - POLICY OF THE COMMUNITY, TITLE II - ECONOMIC POLICY, CHAPTER 2: BALANCE OF PAYMENTS, ARTICLE 108
TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PART THREE - POLICY OF THE COMMUNITY, TITLE II - ECONOMIC POLICY, CHAPTER 2: BALANCE OF PAYMENTS, ARTICLE 108
In force
11957E108
TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PART THREE - POLICY OF THE COMMUNITY, TITLE II - ECONOMIC POLICY, CHAPTER 2: BALANCE OF PAYMENTS, ARTICLE 108
++++ ARTICLE 108 1 . WHERE A MEMBER STATE IS IN DIFFICULTIES OR IS SERIOUSLY THREATENED WITH DIFFICULTIES AS REGARDS ITS BALANCE OF PAYMENTS EITHER AS A RESULT OF AN OVERALL DISEQUILIBRIUM IN ITS BALANCE OF PAYMENTS , OR AS A RESULT OF THE TYPE OF CURRENCY AT ITS DISPOSAL , AND WHERE SUCH DIFFICULTIES ARE LIABLE IN PARTICULAR TO JEOPARDISE THE FUNCTIONING OF THE COMMON MARKET OR THE PROGRESSIVE IMPLEMENTATION OF THE COMMON COMMERCIAL POLICY , THE COMMISSION SHALL IMMEDIATELY INVESTIGATE THE POSITION OF THE STATE IN QUESTION AND THE ACTION WHICH , MAKING USE OF ALL THE MEANS AT ITS DISPOSAL , THAT STATE HAS TAKEN OR MAY TAKE IN ACCORDANCE WITH THE PROVISIONS OF ARTICLE 104 . THE COMMISSION SHALL STATE WHAT MEASURES IT RECOMMENDS THE STATE CONCERNED TO TAKE . IF THE ACTION TAKEN BY A MEMBER STATE AND THE MEASURES SUGGESTED BY THE COMMISSION DO NOT PROVE SUFFICIENT TO OVERCOME THE DIFFICULTIES WHICH HAVE ARISEN OR WHICH THREATEN , THE COMMISSION SHALL , AFTER CONSULTING THE MONETARY COMMITTEE , RECOMMEND TO THE COUNCIL THE GRANTING OF MUTUAL ASSISTANCE AND APPROPRIATE METHODS THEREFOR . THE COMMISSION SHALL KEEP THE COUNCIL REGULARLY INFORMED OF THE SITUATION AND OF HOW IT IS DEVELOPING . 2 . THE COUNCIL , ACTING BY A QUALIFIED MAJORITY , SHALL GRANT SUCH MUTUAL ASSISTANCE ; IT SHALL ADOPT DIRECTIVES OR DECISIONS LAYING DOWN THE CONDITIONS AND DETAILS OF SUCH ASSISTANCE , WHICH MAY TAKE SUCH FORMS AS : ( A ) A CONCERTED APPROACH TO OR WITHIN ANY OTHER INTERNATIONAL ORGANISATIONS TO WHICH MEMBER STATES MAY HAVE RECOURSE ; ( B ) MEASURES NEEDED TO AVOID DEFLECTION OF TRADE WHERE THE STATE WHICH IS IN DIFFICULTIES MAINTAINS OR REINTRODUCES QUANTITATIVE RESTRICTIONS AGAINST THIRD COUNTRIES ; ( C ) THE GRANTING OF LIMITED CREDITS BY OTHER MEMBER STATES , SUBJECT TO THEIR AGREEMENT . DURING THE TRANSITIONAL PERIOD , MUTUAL ASSISTANCE MAY ALSO TAKE THE FORM OF SPECIAL REDUCTIONS IN CUSTOMS DUTIES OR ENLARGEMENTS OF QUOTAS IN ORDER TO FACILITATE AN INCREASE IN IMPORTS FROM THE STATE WHICH IS IN DIFFICULTIES , SUBJECT TO THE AGREEMENT OF THE STATES BY WHICH SUCH MEASURES WOULD HAVE TO BE TAKEN . 3 . IF THE MUTUAL ASSISTANCE RECOMMENDED BY THE COMMISSION IS NOT GRANTED BY THE COUNCIL OR IF THE MUTUAL ASSISTANCE GRANTED AND THE MEASURES TAKEN ARE INSUFFICIENT , THE COMMISSION SHALL AUTHORISE THE STATE WHICH IS IN DIFFICULTIES TO TAKE PROTECTIVE MEASURES , THE CONDITIONS AND DETAILS OF WHICH THE COMMISSION SHALL DETERMINE . SUCH AUTHORISATION MAY BE REVOKED AND SUCH CONDITIONS AND DETAILS MAY BE CHANGED BY THE COUNCIL ACTING BY A QUALIFIED MAJORITY .