The procedure for effecting transfers, both between Member States and to third countries,  arising out of other financial operations carried out or guaranteed by the Commission, shall be  determined by agreement between the Member States concerned or the  appropriate agencies; there shall, however, be no obligation upon any Member State which  applies exchange controls to permit transfers where it has not expressly undertaken to do so.

Article 53

Without prejudice to the provisions of Article 58 or Chapter 5 of Title III, the Commission  may:

a. After consulting the Consultative Committee and the Council, authorize the making, on  conditions which it shall determine and under its supervision, of any financial arrangements  common to several undertakings which it recognizes to be necessary for the performance of  the tasks set out in Article 3 and compatible with this Treaty, and in particular with Article 65;

b. With the unanimous assent of the Council, it self make any financial arrangements serving  the same purposes.

Similar arrangements made or maintained by Member States shall be notified to the  Commission, which, after consulting the Consultative Committee and the Council, shall make  the necessary recommendations to the States concerned where such arrangements are  inconsistent, in whole or in part, with the application of this Treaty.

CHAPTER 3

INVESTMENT AND FINANCIAL AID

Article 54

The Commission may facilitate the carrying out of investment programmes by granting loans  to undertakings or by guaranteeing other loans which they may contract.

With the unanimous assent of the Council, the Commission may by the same means assist the  financing of works and installations which contribute directly and primarily to increasing the  production, reducing the production costs or facilitating the marketing of products within its  jurisdiction.

In order to encourage coordinated development of investment, the Commission may, in  accordance with Article 47, require undertakings to inform it of individual programmes in  advance, either by a special request addressed to the undertaking concerned or by a decision  stating what kind and scale of programme must be communicated.

The Commission may, after giving the parties concerned full opportunity to submit their  comments, deliver a reasoned opinion on such programmes within the framework of the  general objectives provided for in Article 46. If application is made by the undertaking  concerned, the Commission must deliver a reasoned opinion. The Commission shall notify the  opinion to the undertaking concerned and shall bring the opinion to the attention of its  government. Lists of such opinions shall be published.

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