Implementing decision 2014/919 - 2014/919/EU: Council Implementing Decision of 9 December 2014 amending Implementing Decision 2013/463/EU on approving the macroeconomic adjustment programme for Cyprus - Main contents
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official title
2014/919/EU: Council Implementing Decision of 9 December 2014 amending Implementing Decision 2013/463/EU on approving the macroeconomic adjustment programme for Cyprus| Legal instrument | implementing decision |
|---|---|
| Number legal act | Implementing decision 2014/919 |
| Original proposal | COM(2014)541  |
| CELEX number i | 32014D0919 |
| Document | 09-12-2014 |
|---|---|
| Publication in Official Journal | 18-12-2014; OJ L 363 p. 145-148 |
| Effect | 10-12-2014; Entry into force Date notif. |
| End of validity | 31-12-9999 |
| Notification | 10-12-2014 |
18.12.2014 |
EN |
Official Journal of the European Union |
L 363/145 |
COUNCIL IMPLEMENTING DECISION
of 9 December 2014
amending Implementing Decision 2013/463/EU on approving the macroeconomic adjustment programme for Cyprus
(2014/919/EU)
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability (1), and in particular Article 7(2) and (5) thereof,
Having regard to the proposal from the European Commission,
Whereas:
(1) |
Regulation (EU) No 472/2013 applies to Member States already in receipt of financial assistance, including those from the European Stability Mechanism (ESM), at the time of its entry into force. |
(2) |
Regulation (EU) No 472/2013 sets the rules for the approval of the macroeconomic adjustment programme for Member States in receipt of financial assistance. Those rules need to be consistent with the provisions of the Treaty Establishing the European Stability Mechanism (TESM). |
(3) |
Upon a request by Cyprus on 25 June 2012 for financial assistance from the ESM, the Council decided on 25 April 2013 by Council Decision 2013/236/EU (2) that Cyprus was to rigorously implement a macroeconomic adjustment programme. |
(4) |
On 24 April 2013 the ESM Board of Governors decided to grant, in principle, stability support to Cyprus and approved the Memorandum of Understanding on Specific Economic Policy Conditionality and its signing by the Commission on behalf of the ESM. |
(5) |
In accordance with Article 1(2) of Decision 2013/236/EU, the Commission, in liaison with the European Central Bank (ECB), and, where appropriate, with the International Monetary Fund (IMF), conducted the fifth review to assess the progress of the implementation of the agreed measures, as well as their effectiveness and economic and social impact. As a consequence of this review, an update was made to the existing macroeconomic adjustment programme, reflecting the steps taken by the Cypriot authorities by the second quarter of 2014. |
(6) |
Following the entry into force of Regulation (EU) No 472/2013, the macroeconomic adjustment programme was adopted in the form of a Council Implementing Decision. For reasons of legal clarity and legal certainty, the programme was readopted on the basis of Article 7(2) of Regulation (EU) No 472/2013. The substance of the programme remained identical to the one approved by Decision 2013/236/EU, but also incorporated the results of the review carried out in accordance with Article 1(2) of Decision 2013/236/EU. At the same time, Council Decision 2013/236/EU was repealed. |
(7) |
Council Implementing Decision 2013/463/EU (3) was already amended by Council Implementing Decision 2014/169/EU (4). In light of the latest developments, it should be amended again. |
(8) |
The Commission, in liaison with the ECB and the IMF, has conducted the fifth review to assess the progress of the implementation of the agreed measures, as well as their effectiveness and economic and social impact. As a result, changes should be made in the areas of financial sector reform, fiscal policy and structural reforms, in particular with regard to: (i) providing an updated plan for the gradual relaxation of external restrictions, which the authorities commit to starting only after the successful completion of the comprehensive assessment and a smooth transition to the Single Supervisory Mechanism (SSM); (ii) further measures to strengthen the banks' management of non-performing loans; (iii) a requirement... |
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