Article 172

1.   (repealed)

2.   (repealed)

3.   (repealed)

4.   Loans for the financing of research or investment shall be raised on terms fixed by the Council in the manner provided for in Article 314 of the Treaty on the Functioning of the European Union.

The Community may borrow on the capital market of a Member State, either in accordance with the legal provisions applying to internal issues, or, if there are no such provisions in a Member State, after the Member State concerned and the Commission have conferred together and have reached agreement upon the proposed loan.

The competent authorities of the Member State concerned may refuse to give their assent only if there is reason to fear serious disturbances on the capital market of that State.