No L 185/24 Official Journal of the European Communities 15.7. 88 (Acts whose publication is not obligatory) - COUNCIL COUNCIL DECISION of 24 June 1988 on the system of the Communities’ own resources (88/376/EEC, Euratom) THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular Articles 199 and 201 thereof, Having regard to the Treaty establishing the European Atomic Energy Community, and in particular Articles 171 (1) and 173 thereof, Having regard to the proposal from the Commission ('), Having regard to the opinion of the European Parliament (2), Having regard to the opinion of the Economic and Social Committee (3), Whereas Council Decision 85/257/EEC, Euratom of 7 May 1985 on the Communities’ system of own resources (*), as last amended by the Single European Act, raised to 1,4 % the limit for each Member State on the rate applied to the uniform value-added tax (VAT) base previously set at 1 % by the Council Decision of 21 April 1970 on the replacement of financial contributions from Member States by the Communities’ own resources (*) hereinafter referred to as ‘the Decision of 21 April 1970’ Whereas the resources available within the limit of 1,4 % are no longer sufficient to cover the estimates of Community expenditure; (1) O] No C 102, 16. 4. 1988, p. 8. (2) Opinion delivered on 15 June 1988 (not yet published in the Official Journal). (3) OJ No C 175, 4. 7. 1988. (*) OJ No L 128, 14. 5. 1985, p. 15. (%) OJ No L 94, 28. 4. 1970, p. 19. Whereas the Single European Act opens up new possibilities to the Community; whereas Article 8a of the Treaty establishing the European Economic Community provides for the completion of the internal market by 31 December 1992; Whereas the Community must possess stable and guaranteed revenue enabling it to stabilize the present situation and operate the common policies; whereas this revenue must be based on the expenditure deemed necessary to this end which was determined in the financial estimates in the Interinstitutional Agreement between the European Parliament, the Council and the Commission, which will take effect on 1 July 1988; Whereas the European Council meeting in Brusselson 11, 12 and 13 February 1988 reached certain conclusions; Whereas, in accordance with these conclusions, the Community will, by 1992, be assigned a maximum amount of own resources corresponding to 1,2 % of the total of the Member States’ gross national product for the year at market prices, hereinafter referred to as ‘GNP’; Whereas observance of this ceiling requires that the total amount of own resources at the Community’s disposal for the period 1988 to 1992 does not in any one year exceed a specified percentage of the sum of the Community’s GNP for the year in question; whereas that percentage shall correspond to application of the guidelines established for growth in Community expenditure as laid down in the European Council conclusions concerning budgetary discipline and budget management, and a safety margin of 0,03 % of Community GNP aimed at coping with unforeseen expenditure; Whereas a global ceiling of 1,30 % of the Member States’ GNP is set for commitment appropriations; whereas an