77However, it must also be borne in mind that, according to its Article 295, the EC Treaty does not influence the rules in Member States governing the system of property ownership. Accordingly, the Member States are free to undertake, directly or indirectly, economic activities in the same way as private companies. That principle of equal treatment between the public and private sectors implies that the Member States may invest in economic activities and that the capital placed directly or indirectly at the disposal of an undertaking by the State in circumstances which correspond to normal market conditions cannot be regarded as State aid (Case C-142/87 Belgium v Commission [1990] ECR I-959, paragraph 29; Case C-303/88 Italy v Commission [1991] ECR I-1433, paragraph 20; and Case T-358/94 Air France v Commission [1996] ECR II-2109, paragraph 70).
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