EUR-Lex - 31976D0324 - EN

ARTICLE 1

THE LOAN GRANTED TO THE ITALIAN REPUBLIC BY DECISION 76/322/EEC SHALL BE SUBJECT TO THE FOLLOWING CONDITIONS CONCERNING THE ECONOMIC POLICY MEASURES TO BE TAKEN BY THAT MEMBER STATE .

ARTICLE 2

1 . THE FOLLOWING CONDITIONS SHALL BE OBSERVED DURING 1976 :

( A ) TOTAL CENTRAL GOVERNMENT EXPENDITURE MUST BE LIMITED TO LIT 39 700 000 MILLION IN THE 1976 CALENDAR YEAR ;

( B ) THE DEFICIT ON TREASURY TRANSACTIONS , AS DEFINED IN ARTICLE 6 ( 3 ) OF DIRECTIVE 74/637/EEC ( 3 ) , MUST NOT EXCEED LIT 13 800 000 MILLION , THROUGH AN INCREASE IN TAXATION , IF NECESSARY ;

( C ) THE FINANCING OF THE DEFICIT ON TREASURY TRANSACTIONS BY THE MONETARY AUTHORITIES MUST BE LIMITED , IF NECESSARY BY LEGISLATIVE MEANS , TO LIT 5 700 000 MILLION IN THE 1976 CALENDAR YEAR ;

( D ) THE GROWTH IN TOTAL LENDING , AS DEFINED IN ARTICLE 6 ( 1 ) OF DIRECTIVE 74/637/EEC , MUST NOT EXCEED LIT 29 500 000 MILLION IN THE 1976 CALENDAR YEAR .

2 . THE COUNCIL , ACTING ON A PROPOSAL FROM THE COMMISSION , SHALL IN GOOD TIME FIX THE CONDITIONS TO BE OBSERVED FOR THE SUBSEQUENT YEARS OF THE LOAN PERIOD .

ARTICLE 3

THE ITALIAN GOVERNMENT SHALL MAKE ALL POSSIBLE EFFORTS TO KEEP THE RISE IN INCOMES WITHIN LIMITS COMPATIBLE WITH THE INTERNAL AND EXTERNAL EQUILIBRIUM OF THE ECONOMY .

ARTICLE 4

THE CONDITIONS FIXED IN ARTICLE 2 SHALL AMEND , TO THE EXTENT THAT THEY DIFFER FROM , THE CONDITIONS PROVIDED FOR IN DIRECTIVE 75/784/EEC ( 4 ) .

ARTICLE 5

BEFORE THE END OF APRIL 1976 INTERMEDIATE OBJECTIVES SHALL BE ESTABLISHED BY AGREEMENT BETWEEN THE ITALIAN AUTHORITIES AND THE COMMISSION IN RELATION TO THE MEASURES LAID DOWN IN ARTICLE 2 , EXCEPT FOR THAT SET OUT IN ARTICLE 2 ( 1 ) ( B ) .

ARTICLE 6

THIS DECISION IS ADDRESSED TO THE ITALIAN REPUBLIC .

DONE AT BRUSSELS , 15 MARCH 1976 .

FOR THE COUNCIL

THE PRESIDENT

R . VOUEL