council regul ec februari establish facil provid medium term financi assist member state balanc payment council european union regard treati establish european commun articl thereof regard propos commiss present consult econom financi committe regard opinion european parliament regard opinion european central bank subparagraph articl articl treati provid act recommend commiss made consult econom financi committe council grant mutual assist member state difficulti threaten difficulti balanc payment articl defin instrument grant mutual assist envisag oper lend member state place encourag member state adopt good time situat orderli exchang rate condit prevail econom polici measur prevent occurr acut balanc payment crisi support effort converg loan member state link adopt member state econom polici measur design establish ensur sustain balanc payment situat adapt graviti balanc payment situat state develop procedur instrument provid advanc enabl commun member state ensur requir financi medium term assist provid quickli circumst call action order financ assist grant commun creditworthi borrow resourc dispos member state concern form loan oper kind achiev object commun defin treati harmoni develop econom activ commun end singl facil provid medium term financi assist member state balanc payment establish council regul eec januari member state particip singl currenc longer qualifi medium term financi assist financi assist facil retain order meet potenti present member state adopt euro member state time adopt euro introduct singl currenc led substanti reduct number member state elig instrument revis present ceil eur billion justifi loan ceil suffici high level order satisfi properli simultan member state reduct loan ceil eur billion eur billion apt meet account forthcom enlarg european union glare imbal number potenti beneficiari loan stage econom monetari union number countri capabl financ make difficult maintain direct financ loan grant member state loan financ exclus recours capit market financi institut attain stage develop matur enabl undertak financ arrang facil clarifi light experi gain account develop intern financi market technic possibl constraint inher recours sourc financ council decid grant loan financ facil averag durat total amount amount success instal characterist instal durat type interest rate fix common agreement beneficiari member state commiss commiss take view loan characterist desir member state result financ incompat technic constraint impos capit market financi institut propos altern financ arrang order financ loan grant regul commiss authoris contract behalf european commun borrow capit market financi institut financi assist facil establish regul eec adapt interest clariti regul replac adopt regul grant commun loan financ exclus fund rais capit market member state treati power articl adopt regul articl commun medium term financi assist facil enabl loan grant member state experienc threaten difficulti balanc current payment capit movement establish member state adopt euro benefit commun facil outstand amount loan grant member state facil limit eur billion princip end accord decis adopt council pursuant articl consult econom financi committe commiss empow behalf european commun contract borrow capit market financi institut articl member state adopt euro propos call sourc financ commun subject econom polici condit consult commiss member state order examin thing possibl commun medium term financi assist facil consult held econom financi committe accord articl treati articl medium term financi assist facil implement council initi commiss act pursuant articl treati agreement member state seek commun financ member state experienc threaten difficulti balanc current payment capit movement council examin situat member state seek medium term financi assist adjust back programm present support applic decid rule meet grant loan financ facil amount averag durat econom polici condit attach medium term financi assist view establish ensur sustain balanc payment situat techniqu disburs loan financ facil releas draw rule success instal releas instal subject verif result achiev implement programm term object set articl case restrict capit movement introduc reintroduc pursuant articl treati period financi assist condit arrang examin pursuant articl treati articl commiss measur verifi regular interv collabor econom financi committe econom polici member state receipt commun loan accord adjust back programm condit laid council pursuant articl end member state place inform dispos commiss basi find verif commiss econom financi committe deliv opinion decid releas instal council decid adjust made initi econom polici condit articl loan grant medium term financi assist grant consolid support made european central bank short term financ facil articl borrow lend oper refer articl carri euro date involv commun transform matur interest rate risk commerci risk characterist success instal releas commun financi assist facil negoti member state commiss commiss take view characterist desir member state lead commun financ run counter technic constraint impos financi market tarnish reput commun borrow market withhold agreement propos altern solut member state receiv loan carri earli repay claus decid exercis option commiss step request debtor member state circumst permit improv interest rate loan commiss refin part initi borrow restructur financi condit refinanc restructur oper carri accord condit set paragraph effect extend averag durat borrow concern increas amount capit outstand date refinanc restructur cost incur commun conclud carri oper born beneficiari member state econom financi committe inform develop oper refer subparagraph paragraph articl council adopt decis refer articl act qualifi major propos commiss made consult econom financi committe articl european central bank make arrang administr loan fund paid purpos articl articl year council examin basi report commiss econom financi committe deliv opinion facil establish meet principl arrang ceil led creation articl regul eec repeal articl regul enter forc dai public offici journal european commun regul bind entireti directli applic member state brussel februari council presid piqué camp oj opinion deliv septemb publish offici journal oj oj regul amend act access