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.