Measures to Safeguard Balance of Payments. 1. A Party may adopt or maintain measures not conforming with its obligations under Article 89 relating to cross-border capital transactions and Article 98: (a) in the event of serious balance-of-payments and external financial difficulties or threat thereof, or (b) in cases where, in exceptional circumstances, movements of capital cause or threaten to cause serious difficulties for macroeconomic management in particular, monetary and exchange rate policies. 2. The measures referred to in paragraph 1 of this Article shall: (a) be consistent with the Articles of Agreement of the International Monetary Fund; (b) be applied in such a manner that the other Party is treated no less favourably than any third State; (c) not exceed those necessary to deal with the circumstances set out in paragraph 1 of this Article; (d) be promptly notified to the other Party; and (e) be temporary and be phased out progressively as the situation specified in paragraph 1 of this Article improves.
Appears in 4 contracts
Samples: Closer Economic Partnership Agreement, Economic Partnership Agreement, Closer Economic Partnership Agreement
