Саопштење Комисије о програму за либерализацију кретања капитала
Communication from the Commission on the program for the liberalization of capital movements

Summary/Abstract: The article examines the provisions of the Commission’s Communication to the Council of 23 May 1986 on the programme for liberalisation of capital movements in the Community, which was the first drive towards establishing a European financial area. The original 1957 version of the Treaty establishing the European Communities did not include a formal obligation to secure free movement of capital. According to former Article 67, this was to occur only “to the extent necessary to ensure the proper functioning of the common market”. In the Communication, the Commission took the position that there were three categories of operation concerning progressive liberalisation of capital movements and they were as follows: capital operations, operations in financial market securities and operations involving financial credits.

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