The Treaty of the European Union [Maastricht] | Page 8

Council may, acting by a qualified majority on a
proposal from the Commission, adopt measures on the movement of
capital to or from third countries involving direct investment -
including investment in real estate -, establishment, the provision of
financial services or the admission of securities to capital markets.
Unanimity shall be required for measures under this paragraph which
constitute a step back in Community law as regards the liberalization of
the movement of capital to or from third countries. ARTICLE 73d 1.
The provisions of Article 73b shall be without prejudice to the right of
Member States: (a) to apply the relevant provision of their tax law
which distinguish between tax-payers who are not in the same situation
with regard to their place of residence or with regard to the place where
their capital is invested; (b) to take all requisite measures to prevent
infringement of national law and regulations, in particular in the field
taxation and the prudential supervision of financial institutions, or to
lay down procedures for the declaration of capital movements for
purposes of administrative or statistical information, or to take
measures which are justified on grounds of public policy or public
security. 2. The provisions of this

Chapter shall
be without prejudice to the applicability of restrictions on the right of
establishment which are compatible with this Treaty. 3. The measures
and procedures referred to in paragraphs 1 and 2 shall not constitute a
means of arbitrary discrimination or a disguised restriction on the free
movement of capital and payments as defined in Article 73b.
ARTICLE 73e By way of derogation from Article 73b, Member States
which, on 31 December 1993, enjoy a derogation on the basis of
existing Community law, shall be entitled to maintain, until 31
December 1995 at the latest, restrictions on movement of capital
authorized by such derogations as exist on that date. ARTICLE 73f
Where, in exceptional circumstances, movement of capital to or from
third countries cause, or threaten to cause, serious difficulties for the
operation of economic and monetary union, the Council, acting by a
qualified majority on a proposal from the Commission and after
consulting the ECB, may take safeguard measures with regard to third
countries for a period not exceeding six months if such measures are

strictly necessary. ARTICLE 73g 1. If, in the cases envisaged in Article
228a, action by the Community is deemed necessary, the Council may,
in accordance with the procedure provided for in Article 228a, take the
necessary urgent measures on the movement of capital and on
payments as regards the third countries concerned. 2. Without prejudice
to Article 224 and as long as the Council has not taken measures
pursuant to paragraph 1, a Member State may, for serious political
reasons and on grounds of urgency, take unilateral measures against a
third country with regard to capital movements and payments. The
Commission and the other Member States shall be informed of such
measures by the date of their entry into force at the latest. The Council
may, acting by a qualified majority on a proposal from the Commission,
decide that the Member State concerned shall amend or abolish such
measures. The President of the Council shall inform the European
Parliament of any such decision taken by the Council. ARTICLE 73h
Until 1 January 1994, the following provisions shall be applicable: 1)
Each Member State undertakes to authorize, in the currency of the
Member State in which the creditor or the beneficiary resides, any
payment connected with the movement of goods, services or capital,
and any transfers of capital and earnings, to the extent that the
movement of goods, services, capital and persons between Member
States has been liberalized pursuant to this Treaty. The Member States
declare their readiness to undertake the liberalization of payments
beyond the extent provided in the preceding subparagraph, in so far as
their economic situation in general and the state of their balance of
payment in particular so permit. 2) In so far as movement of goods,
services and capital are limited only by restrictions on payments
connected therewith, these restrictions shall be progressively abolished
by applying, mutatis mutandis, the provisions of this

Chapter and
the
Chapters
relating to the abolition of qualitative restrictions and to the
liberalization of services. 3) Member States undertake not to introduce
between themselves any new restrictions on transfers connected with
the invisible transactions listed in Annex III to this Treaty. The
progressive abolition of existing restrictions shall be effected in

accordance with the provisions of Articles 63 to 65, in so far as such
abolition is not governed by the provisions contained in paragraphs 1
and 2 or by the other provisions of this Chapter. 4) If need be, Member
States shall consult each other on the measures to be taken to enable the