council direct june implement articl treati eec council european commun regard treati establish european econom commun articl thereof regard propos commiss submit consult monetari committe regard opinion european parliament articl treati stipul intern market compris area intern frontier free movement capit ensur prejudic provis treati member state requisit measur regul bank liquid measur restrict purpos member state measur restrict temporarili framework commun procedur short term capit movement appreci diverg econom fundament disrupt conduct monetari exchang rate polici interest transpar advis scope accord arrang laid direct transit measur adopt benefit kingdom spain portugues republ act access field capit movement kingdom spain portugues republ term articl act access postpon liber capit movement derog oblig set council direct implement articl treati amend direct eec direct eec transit arrang appli benefit member state respect oblig liber capit movement member state postpon applic liber oblig result direct hellen republ ireland face albeit differ degre difficult balanc payment situat high level extern indebted complet liber capit movement member state make difficult continu appli measur improv extern posit reinforc capac financi system adapt requir integr financi market commun accord articl treati grant member state light specif circumst time compli oblig aris direct full liber capit movement member state border area contribut difficulti market secondari resid exist nation legisl regul purchas affect entri effect direct advantag period adopt bring direct effect order enabl commiss submit propos design elimin reduc risk distort tax evas tax avoid result divers nation system taxat permit council posit propos accord articl treati commun endeavour attain highest degre liber respect movement capit resid countri larg scale short term capit movement countri disturb monetari financi situat member state stress exchang market develop prove harm cohes european monetari system smooth oper intern market progress achiev econom monetari union creat requisit condit concert action member state prove direct replac council direct eec march regul intern capit flow neutral undesir effect domest liquid direct eec repeal adopt direct articl prejudic provis member state abolish restrict movement capit take place person resid member state facilit applic direct capit movement classifi accord nomenclatur annex transfer respect capit movement made exchang rate condit govern payment relat current transact articl member state notifi committe governor central bank monetari committe commiss date entri forc latest measur regul bank liquid specif impact capit transact carri credit institut resid measur confin purpos domest monetari regul monetari committe committe governor central bank provid commiss opinion subject articl short term capit movement except magnitud impos sever strain foreign exchang market lead disturb conduct member state monetari exchang rate polici reflect substanti variat domest liquid commiss consult monetari committe committe governor central bank author member state respect capit movement list annex ii protect measur condit detail commiss determin member state concern protect measur refer ground urgenc measur commiss member state inform measur date entri forc latest commiss consult monetari committe committe governor central bank decid member state concern continu appli measur amend abolish decis commiss paragraph revok amend council act qualifi major period applic protect measur pursuant articl exce month decemb council examin basi report commiss deliveri opinion monetari committe committe governor central bank provis articl remain principl detail requir intend satisfi articl direct prejudic member state requisit measur prevent infring law regul inter alia field taxat prudenti supervis financi institut lai procedur declar capit movement purpos administr statist inform applic measur procedur effect imped capit movement carri accord commun law articl kingdom spain portugues republ scope accord nomenclatur capit movement contain annex provis act access field capit movement annex iii articl member state measur compli direct juli forthwith inform commiss thereof make date entri forc latest measur amend made provis govern capit movement list annex kingdom spain portugues republ prejudic member state articl act access hellen republ ireland temporarili continu appli restrict capit movement list annex iv subject condit time limit laid annex expiri time limit set liber capit movement refer list iii iv annex iv portugues republ hellen republ consid unabl proce liber difficulti balanc payment nation financi system insuffici adapt commiss request member state collabor monetari committe review econom financi situat member state concern basi outcom review commiss propos council extens time limit set liber part capit movement refer extens exce year council act accord procedur laid articl treati kingdom belgium grand duchi luxembourg temporarili continu oper dual exchang market condit period laid annex exist nation legisl regul purchas secondari resid upheld council adopt provis area accord articl treati provis affect applic provis commun law commiss submit council decemb propos aim elimin reduc risk distort tax evas tax avoid link divers nation system taxat save control applic system council posit commiss propos june tax provis commun natur accord treati adopt unanim articl treatment transfer respect movement capit countri member state endeavour attain degre liber appli oper resid member state subject provis direct provis preced subparagraph prejudic applic countri domest rule commun law reciproc condit oper involv establish provis financi servic admiss secur capit market larg scale short term capit movement countri disturb domest extern monetari financi situat member state number strain exchang relat commun commun countri member state consult measur counteract difficulti consult place committe governor central bank monetari committe initi commiss member state articl year monetari committe examin situat free movement capit result applic direct examin cover measur domest regul credit financi monetari market specif impact intern capit movement aspect direct committe report commiss outcom examin articl direct direct eec repeal effect juli articl direct address member state luxembourg june council presid bangemann oj opinion deliv june publish offici journal oj oj oj annex nomenclatur capit movement refer articl direct nomenclatur capit movement classifi econom natur asset liabil concern denomin nation currenc foreign exchang capit movement list nomenclatur cover oper purpos capit movement conclus perform transact relat transfer transact gener resid member state capit movement carri singl person account transfer asset belong emigr oper carri natur legal person includ oper respect asset liabil member state public administr agenc subject provis articl treati access econom oper financi techniqu market approach purpos carri oper question concept acquisit secur financi instrument cover spot transact deal techniqu forward transact transact carri option warrant swap asset similarli concept oper current deposit account financi institut includ open place fund account forward foreign exchang transact irrespect intend cover exchang risk open foreign exchang posit oper liquid assign asset built repatri proce liquid thereof proce limit commun oblig oper repai credit loan nomenclatur exhaust list notion capit movement head xiii capit movement miscellan interpret restrict scope principl full liber capit movement refer articl direct direct invest establish extens branch undertak belong sole person provid capit acquisit full exist undertak particip exist undertak view establish maintain last econom link long term loan view establish maintain last econom link reinvest profit view maintain last econom link direct invest nation territori resid direct invest abroad resid ii invest real estat includ invest real estat nation territori resid invest real estat abroad resid iii oper secur dealt capit market includ iv share secur particip natur bond explanatori note transact secur capit market acquisit resid domest secur dealt stock exchang acquisit resid foreign secur dealt stock exchang acquisit resid domest secur dealt stock exchang aquisit resid foreign secur dealt stock exchang admiss secur capit market introduct stock exchang ii issu place capit market admiss domest secur foreign capit market administr foreign secur domest capit market iv oper unit collect invest undertak unit undertak collect invest secur dealt capit market share equiti bond unit undertak collect invest secur instrument dealt monei market unit undertak collect invest asset transact unit collect invest undertak acquisit resid unit nation undertak dealt stock exchang acquisit resid unit foreign undertak dealt stock exchang acquisit resid unit nation undertak dealt stock exchang acquisit resid unit foreign undertak dealt stock exchang administr unit collect invest undertak capit market introduct stock exchang ii issu place capit market admiss unit nation collect invest undertak foreign capit market admiss unit foreign collect invest undertak domest capit market oper secur instrument dealt monei market transact secur instrument monei market acquisit resid domest monei market secur instrument acquisit resid foreign monei market secur instrument admiss secur instrument monei market introduct recogn monei market ii issu place recogn monei market admiss domest secur instrument foreign monei market admiss foreign secur instrument domest monei market explanatori note vi oper current deposit account financi institut oper carri resid domest financi institut oper carri resid foreign financi institut vii credit relat commerci transact provis servic resid particip short term year medium term year long term year credit grant resid resid credit grant resid resid viii financi loan credit includ vii xi short term year medium term year long term year loan credit grant resid resid loan credit grant resid resid ix sureti guarante right pledg grant resid resid grant resid resid transfer perform insur contract premium payment respect life assur contract conclud domest life assur compani resid contract conclud foreign life assur compani resid premium payment respect credit insur contract conclud domest credit insur compani resid contract conclud foreign credit insur compani resid transfer capit respect insur contract xi person capit movement loan gift endow dowri inherit legaci settlement debt immigr previou countri resid transfer asset constitut resid event emigr time instal period stai abroad transfer period stai immigr save previou countri resid explanatori note xii physic import export financi asset secur mean payment kind xiii capit movement death duti damag consid capit refund case cancel contract refund uncal payment consid capit author royalti patent design trade mark invent assign transfer aris assign transfer moni requir provis servic includ vi miscellan explanatori note purpos nomenclatur direct express mean assign direct invest invest kind natur person commerci industri financi undertak serv establish maintain last direct link person provid capit entrepreneur undertak capit made order carri econom activ concept understood widest sens undertak mention nomenclatur includ legal independ undertak wholli own subsidiari branch undertak mention nomenclatur statu compani limit share particip natur direct invest block share held natur person undertak holder enabl sharehold pursuant provis nation law relat compani limit share particip effect manag compani control long term loan particip natur mention nomenclatur mean loan period year made purpos establish maintain last econom link main exampl cite loan grant compani subsidiari compani share loan link profit share arrang loan grant financi institut view establish maintain last econom link includ head invest real estat purchas build land construct build privat person gain person categori includ right usufruct easement build right introduct stock exchang recogn monei market access accord procedur secur negoti instrument deal control offici unoffici offici recogn stock exchang offici recogn segment monei market secur dealt stock exchang quot unquot secur deal control regul price regularli publish offici stock exchang quot secur bodi attach stock exchang committe bank unquot secur issu secur negoti instrument sale offer public place secur negoti instrument direct sale secur issuer consortium issuer instruct sell offer made public domest foreign secur instrument secur countri issuer princip place busi acquisit resid domest secur instrument issu foreign market rank acquisit foreign secur share secur particip natur includ right subscrib issu share bond negoti secur matur year issu interest rate term repay princip payment interest determin time issu collect invest undertak untertak object collect invest transfer secur asset capit rais oper principl risk spread unit request holder legal contractu statutori condit govern repurchas redeem directli indirectli undertak asset action collect invest undertak ensur stock exchang unit significantli vari net asset regard equival repurchas redempt undertak constitut law law contract common fund manag manag compani trust law unit trust statut invest compani purpos direct common fund includ unit trust secur instrument dealt monei market treasuri bill negoti bill certif deposit banker accept commerci paper instrument credit relat commerci transact provis servic contractu trade credit advanc payment instal respect work progress order extend payment term involv subscript commerci bill financ credit provid credit institut categori includ factor oper financi loan credit financ kind grant financi institut includ financ relat commerci transact provis servic resid particip categori includ mortgag loan consum credit financi leas back facil note issuanc facil resid resid natur legal person definit laid exchang control regul forc member state proce liquid invest secur proce sale includ capit appreci amount repay proce execut judgement natur legal person defin nation rule financi institut bank save bank institut special provis short term medium term long term credit insur compani build societi invest compani institut charact credit institut bank save bank institut special provis short term medium term long term credit annex ii gt tabl gt annex iii refer articl direct gt tabl gt gt tabl gt gt tabl gt annex iv refer articl direct portugues republ continu appli reintroduc decemb restrict exist date notif direct capit movement list gt tabl gt ii kingdom spain portugues republ continu appli reintroduc decemb decemb restrict exist date notif direct capit movement list ii gt tabl gt natur oper head iii hellen republ kingdom spain ireland portugues republ decemb continu appli reintroduc restrict exist date notif direct capit movement list iii gt tabl gt iv hellen republ kingdom spain ireland portugues republ decemb defer liber capit movement list iv gt tabl gt annex dual exchang market system oper kingdom belgium grand duchi luxembourg effect restrict capit movement constitut anomali em brought end interest effect implement direct view strengthen european monetari system member state undertak abolish decemb undertak administ system time abolish basi procedur ensur de facto free movement capit condit exchang rate rule market show appreci last differ