Such operations are self-balancing and do not involve the Commun
ity in any maturity transformation, exchange-rate risks or cash management. The mechanism may be used in isolation or jointly with other Community or non- Community instruments for balance-of-payments support. However, the modified mechanism differs from the initial instrument in three main ways : - the link between the balance-of-payments difficulties which justify recourse to a loan and the rise in petroleum product prices was loosened in 1981 and abolished altogether in 1985; - more funds can now be mobilized under the mechanism : there is a ceiling of 8 000 million ECU
...[+++]for outstanding authorized operations; - a Member State may not receive more than 50% of the ceiling.
En revanche, le mecanisme renove se distingue du mecanisme initial sur les principaux points suivants : - le lien entre les difficultes de la balance des paiements, justifiant le recours a un pret, et le rencherissement des produits petroliers a ete attenue en 1981 et definitivement supprime en 1985. - Le mecanisme est dote de la possibilite de mobiliser un volume de fonds accru : plafond de 8 milliards d'Ecus pour l'encours des operations autorisees; - un Etat membre ne peut beneficier de plus de 50% du plafond.
