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Document 11957E070
TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PART TWO - FOUNDATIONS OF THE COMMUNITY, TITLE III - FREE MOVEMENT OF PERSONS, SERVICES AND CAPITAL, CHAPTER 4: CAPITAL, ARTICLE 70
TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PART TWO - FOUNDATIONS OF THE COMMUNITY, TITLE III - FREE MOVEMENT OF PERSONS, SERVICES AND CAPITAL, CHAPTER 4: CAPITAL, ARTICLE 70
TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PART TWO - FOUNDATIONS OF THE COMMUNITY, TITLE III - FREE MOVEMENT OF PERSONS, SERVICES AND CAPITAL, CHAPTER 4: CAPITAL, ARTICLE 70
In force
11957E070
TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY, PART TWO - FOUNDATIONS OF THE COMMUNITY, TITLE III - FREE MOVEMENT OF PERSONS, SERVICES AND CAPITAL, CHAPTER 4: CAPITAL, ARTICLE 70
++++ ARTICLE 70 1 . THE COMMISSION SHALL PROPOSE TO THE COUNCIL MEASURES FOR THE PROGRESSIVE COORDINATION OF THE EXCHANGE POLICIES OF MEMBER STATES IN RESPECT OF THE MOVEMENT OF CAPITAL BETWEEN THOSE STATES AND THIRD COUNTRIES . FOR THIS PURPOSE THE COUNCIL SHALL ISSUE DIRECTIVES , ACTING UNANIMOUSLY . IT SHALL ENDEAVOUR TO ATTAIN THE HIGHEST POSSIBLE DEGREE OF LIBERALISATION . 2 . WHERE THE MEASURES TAKEN IN ACCORDANCE WITH PARAGRAPH 1 DO NOT PERMIT THE ELIMINATION OF DIFFERENCES BETWEEN THE EXCHANGE RULES OF MEMBER STATES AND WHERE SUCH DIFFERENCES COULD LEAD PERSONS RESIDENT IN ONE OF THE MEMBER STATES TO USE THE FREER TRANSFER FACILITIES WITHIN THE COMMUNITY WHICH ARE PROVIDED FOR IN ARTICLE 67 IN ORDER TO EVADE THE RULES OF ONE OF THE MEMBER STATES CONCERNING THE MOVEMENT OF CAPITAL TO OR FROM THIRD COUNTRIES , THAT STATE MAY , AFTER CONSULTING THE OTHER MEMBER STATES AND THE COMMISSION , TAKE APPROPRIATE MEASURES TO OVERCOME THESE DIFFICULTIES . SHOULD THE COUNCIL FIND THAT THESE MEASURES ARE RESTRICTING THE FREE MOVEMENT OF CAPITAL WITHIN THE COMMUNITY TO A GREATER EXTENT THAN IS REQUIRED FOR THE PURPOSE OF OVERCOMING THE DIFFICULTIES , IT MAY , ACTING BY A QUALIFIED MAJORITY ON A PROPOSAL FROM THE COMMISSION , DECIDE THAT THE STATE CONCERNED SHALL AMEND OR ABOLISH THESE MEASURES .