2. Where a Member State applies to the movements of capital liberalized in  accordance with the provisions of this Chapter the domestic rules governing the  capital market and the credit system, it shall do so in a non discriminatory manner.

3. Loans for the direct or indirect financing of a Member State or its regional or  local authorities shall not be issued or placed in other Member States unless the  States concerned have reached agreement thereon. This provision shall not preclude  the application of Article 22 of the Protocol on the statute of the European  Investment Bank.

Article 69

The Council shall, on a proposal from the Commission, which for its purpose shall  consult the Monetary Committee provided for in Article 109c, issue the necessary  directives for the progressive implementation of the provisions of Article 67, acting  unanimously during the first two stages and by a qualified majority thereafter.

Article 70

1. The Commission shall propose to the Council measures for the progressive  coordination of the exchange policies of Member States in respect of the movement  of capital between those States and third countries. For this purpose the Council  shall issue directives, acting by a qualified majority. It shall endeavour to attain the  highest possible degree of liberalization. Unanimity shall be required for measures  which constitute a step back as regards the liberalization of capital movements.

2. Where the measures taken in accordance with paragraph. 1 do not permit the  elimination of differences between the exchange rules of Member States and where  such differences could lead persons resident in one of the Member States to use the freer transfer facilities within the Community which are provided for in Article 67 in  order to evade the rules of one of the Member States concerning the movement of capital to or from third countries, that State may, after consulting the other Member  States and the Commission; take appropriate measures to overcome these difficulties.

Should the Council find that these measures are restricting the free movement of capital within the Community to a greater extent than is required for the purpose of  overcoming the difficulties, it may, acting by a qualified majority on a proposal from  the Commission, decide that the State concerned shall amend or abolish these measures.

Article 71

Member States shall endeavour to avoid introducing within the Community any new  exchange restrictions on the movement of capital and current payments connected  with such movements, and shall endeavour not to make existing rules more restrictive.

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