By John Paxton
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Additional info for A Dictionary of the European Economic Community
1962. The aims are greater efficiency in production, stable market conditions, a fair return for farmers and reasonable prices for consumers. The two essential principles are common price levels and the replacement of national systems of protection by a Community system whose most characteristic feature is a system of variable levies on imports of certain farm products. The common marketing arrangements for all major items were operative by July 1968. Management committees of national experts advise the Commission on the various products.
The Commission and the other member states shall be informed of such measures not later than at the date of their entry into force. In this case, the Commission may, after consulting the Monetary Committee, decide that the state concerned shall modify or abolish such measures. M. Prime Ministers of Barbados, Guyana, Jamaica, and Trinidad and Tobago at Chaguaramas, Trinidad, on 4 July 1973, and came into force on 1 Aug. 1973. This organisation replaced Carifta. Six less-developed countries signed the Treaty of Chaguaramas on 17 April 1974.
The judgement gave the Commission ample latitude to proceed against monopolies and companies which strengthen their dominant position by any means at their disposal, but it leaves the definition of that position vague and undetermined. Nevertheless, the decision has opened the way for the Commission to introduce prior control of mergers in the Common Market. It will take the Commission several years to formulate its policy. In the meantime the Court has left open the question of whether an expansion prohibited by Article 86 is void in the same way as restrictive agreements are automatically banned by Article 85.
A Dictionary of the European Economic Community by John Paxton