Regulation 2011/1312 - Amendment of Council Regulation (EC) No 1698/2005 as regards certain provisions relating to financial management for certain Member States experiencing or threatened with serious difficulties with respect to their financial stability - Main contents
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Regulation (EU) No 1312/2011 of the European Parliament and of the Council of 19 December 2011 amending Council Regulation (EC) No 1698/2005 as regards certain provisions relating to financial management for certain Member States experiencing or threatened with serious difficulties with respect to their financial stability| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2011/1312 |
| Original proposal | COM(2011)481  |
| CELEX number i | 32011R1312 |
| Document | 19-12-2011 |
|---|---|
| Publication in Official Journal | 21-12-2011; OJ L 339, 21.12.2011,Special edition in Croatian: Chapter 01 Volume 007 |
| Effect | 21-12-2011; Entry into force Date pub. See Art 2 |
| End of validity | 31-12-2013; Repealed by 32013R1305 |
21.12.2011 |
EN |
Official Journal of the European Union |
L 339/1 |
REGULATION (EU) No 1312/2011 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 19 December 2011
amending Council Regulation (EC) No 1698/2005 as regards certain provisions relating to financial management for certain Member States experiencing or threatened with serious difficulties with respect to their financial stability
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 42 and 43 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Economic and Social Committee (1),
Acting in accordance with the ordinary legislative procedure (2),
Whereas:
(1) |
The unprecedented global financial crisis and the unprecedented economic downturn have seriously damaged economic growth and financial stability and provoked a strong deterioration of financial and economic conditions for several Member States. In particular, certain Member States are experiencing, or are threatened with, serious difficulties, notably those connected with problems in their economic growth and financial stability and with a deterioration in their deficit and debt position, due to the international economic and financial environment. |
(2) |
Whilst important actions to counterbalance the negative effects of the crisis have already been taken, including amendments to the legislative framework, the impact of the financial crisis on the real economy, the labour market and the citizens is being widely felt. The pressure on national financial resources is increasing and further steps should now be taken to alleviate that pressure through the maximal and optimal use of the funding from the European Agricultural Fund for Rural Development (EAFRD). |
(3) |
Based on Article 122(2) of the Treaty on the Functioning of the European Union, which provides for the possibility of granting Union financial assistance to a Member State in difficulties or seriously threatened with severe difficulties caused by exceptional occurrences beyond its control, Council Regulation (EU) No 407/2010 of 11 May 2010 establishing a European financial stabilisation mechanism (3) established such mechanism with a view to preserving the financial stability of the Union. |
(4) |
By Council Implementing Decisions 2011/77/EU (4) and 2011/344/EU (5) respectively, Ireland and Portugal were granted such Union financial assistance. Greece was experiencing serious difficulties with respect to its financial stability before the entry into force of Regulation (EU) No 407/2010 and received financial assistance, inter alia, from other euro area Member States. |
(5) |
Council Regulation (EC) No 332/2002 of 18 February 2002 establishing a facility providing medium-term financial assistance for Member States’ balances of payments (6) established an instrument providing that the Council is to grant medium-term financial assistance where a Member State, which has not adopted the euro, is in difficulties or is seriously threatened with difficulties as regards its balance of payments. |
(6) |
By Council Decisions 2009/102/EC (7), 2009/290/EC (8) and 2009/459/EC (9) respectively, Hungary, Latvia and Romania were granted such financial assistance. |
(7) |
The period during which financial assistance is available to Ireland, Hungary, Latvia, Portugal and Romania is set out in the respective Council Decisions. Assistance to Hungary expired on 4 November 2010. |
(8) |
For Greece, the Inter-creditor Agreement concluded together with the Loan Facility Agreement entered into force on 11 May 2010. The Inter-creditor... |
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