6. Points out that for this purpose it is necessary to strengthen the Community
budget through an increase in its resources, which itself would be linked to
and depend on a restructuring of the Community budget; this objective calls
for a more balanced distribution of expenditure among the various sectors; it
would be linked, in a multiannual context, to the Community's medium-term
programme, with a view to achieving a more harmonious growth and reducing
disparities between the economies of the Member States;
7. Reaffirms that, to ensure effective coordination of national economic policies, this programme must lay down, for each country, growth objectives and
constraints designed to create stability, in order to provide a firm economic
basis
for monetary and exchange discipline;
\
8. Welcomes the abolition of ali exchange controls by the United Kingdom
and the decision by the Federai Republic of Germany to ease informai controls on the inflow of capitai, since the free movement of credit and capitai is
important to the functioning of the Common Market.
B. with regard to the monetary and financial instruments of the EMS:

9. Calls on the European Council to respect the originai timetable (March
1981) for the " second phase " of the EMS and to define the content of its
various stages; stresses the need for the European Parliament to be consulted as a matter of course on ali stages of the implementation of the EMS;
10. Regrets that the United Kingdom has not yet been able to participate fully
in the European Monetary System and hopes that the conditions on which it
may become a full member will soon be fulfilled;
11. Asserts the need to achieve more effective coordination with regard to
guidelines and the adoption of measures relating to monetary policy and
interest rateadjustments, in line with the economic policy objectives and
constraints referred to in paragraph 7;
12. Considers, therefore, that, with due regard for the responsibilities of
centrai banks and of the Member States, account should be taken of
Community's interests on the basis of an analysis of the likely effects of
exchange rate adjustments envisaged in the other countries belonging to
European Monetary System;

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13. Emphasizes, in particular, the importance of the decisions to be taken on
the role and structure of the European Monetary Fund, which should gradually
develop into a centrai monetary authority; the strengthening of the credit
mechanisms and the decisions concerning the necessary exchange rate
adjustments mean that the new institution will have to have sufficient auton153