22.2,93 Official Journal of the European Communities No L 44/1 (Acts whose publication is not obligatory) COUNCIL COUNCIL DECISION of 14 December 1992 extending the Decision of 4 April 1978 on the application of certain gu.ldelmes in the ﬁeld of officially supported export credits (93/112/EEC) THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular Article 113 thereof, Having regard to the propoéal from the Commission, Whereas the Community is party to the Arrangement on guidelines = for officially supported export credits (hereinafter referred to as the ‘Arrangement’); Whereas the Arrangement is the subject of the Council Decision of 4 April 1978; whereas the Annex to that Decision was last amended by the Council Decision of 23 March 1992; ‘ Whereas the Participants to the Arrangement have drawn up a new consolidated text comprising all the amendments approved by the Participants since 1 April 1978, the date from which the Arrangement applied, and including the series of measures amending the Arrangement which was the subject of the Decision of 23 March 1992; Whereas the text contained in the Annex to the Decision of ~4 April 1978 should therefore be replaced by the consolidated text of the Arrangement and the Decision of 23 March 1992 should be repealed; - " Whereas, by virtue of the Decision of 22 October 1991, the Decision of 4 April 1978 is applicable until 15 October 1992, Whereas it is necessary that the Decision of 4 April 1978 should continue to apply in the Community; Whereas the Arrangement has consistently proved to be an effective instrument of international discipline, assisting in lowering subsidies and reducing counterproductive competition in the field of ofﬁcnally supported export credits; . Whereas it should therefore apply within the Community for an indefinite period thus avoiding the need for an annual Council decision extending the validity of the Decision of 4 April 1978, HAS ADOPTED THIS DECISION: Article 1. The Annex to the Decision of 4 April 1978 is hereby replaced by the consolidated text of the Arrangement on guidelines for officially supported export credits, which is attached to this Decision. , Article 2 Article 5 of the Decision of 4 April 1978 is hereby replaced by the following;: