7.6.74 OfficialJournaloftheEuropeanCommunities NoL150/39
REGULATION (EEC)No1424/74OFTHECOUNCIL
of6June1974
amending inparticular Regulation (EEC)No2958/73ontheexchange rate
appliedinagriculture fortheItalianlira
thevalueoftheunitofaccountusedforthecommon
agricultural policy;whereastheseprovisions cover
onlythecaseofachangeintheparityofacurrency ;
whereastheyshouldalsobeappliedinthiscase;
whereasthenewrepresentative rateshouldtherefore
beincludedinRegulation (EEC)No2958/73,the
otherprovisions ofwhichremainunchanged ;
WhereasArticle4bofCouncilRegulation (EEC)No
974/71(6)of12May1971oncertainmeasures of
conjunctural policytobetakeninagriculture
followingthetemporary widening ofthemarginsof
fluctuation forthecurrencies ofcertainMember
States,aslastamended byRegulation (EEC)No
3450/73(7),providedthatinprincipletheintervention
andpurchasepricesapplicable inItalyshallbefixed,
untiltheendofthe1973/74marketing year,atthe
levelresultingfromtheapplication oftheprovisions
inforceon31December 1973,expressed inItalian
lira;
Whereasinviewoftherepercussions whichthesitua­
tiononvariousmarketsinItalyisalreadyhavingon
thelevelofproduction andwhichitmaytherefore
haveonthegeneralbalanceoftheeconomy ,theinter­
ventionandpurchasepricesapplicable inItalyshould
beincreasedby12-5%;whereas,however,inrespect
ofthenextmarketing year'sdurumwheatandolive
oil,provisionshouldbemadeforthesubsidytobe
converted usingtherepresentative rateapplicable on
28January1974,THECOUNCIL OFTHEEUROPEAN
COMMUNITIES ,
HavingregardtotheTreatyestablishing theEuropean
Economic Community ,andinparticularArticle103
thereof ;
HavingregardtoCouncilRegulation No129(J)on
thevalueoftheunitofaccountandtheexchange
ratestobeappliedforthepurposesofthecommon
agricultural policy,aslastamended byRegulation
(EEC)No2543/73(2),andinparticular Article3
thereof ;
HavingregardtotheproposalfromtheCommission ;
WhereasArticle 1ofCouncilRegulation (EEC)No
2958/73(3)of31October1973ontheexchangerate
appliedinagriculture fortheItalianlira,asamended
byRegulation (EEC)No197/74(4),providedforthe
application ofrepresentative ratesfortheItalianlira
witheffectfrom1November 1973,1January1974
and28January1974;
Whereastheeconomic situationinItalynecessitates
takinganothersteptowardsuniformity ofagricultural
pricesintheCommunity byfixinganothermore
realisticrepresentative rate;whereasthiswillenable
theprotective measurestakenpursuanttoArticle108
oftheTreatytobereplacedbymeasuresinvolving
lessdisturbance ofthefunctioning oftheagricultural
common market ;
WhereastheMonetaryCommittee willbeconsulted
andwhereas,inviewoftheurgencyofthematter,the
measures envisaged shouldbeadoptedunderthe
conditions laiddowninArticle3(2)ofRegulation No
129;
Whereasthefixingofsucharepresentative ratewould
leadtoanadjustment inthelevelofpricesforagricul­
tural,products inItaly;whereasthisresultis
consistent withthebasicprincipleofuniformity of
pricesintheCommunity ;whereasitwasonthebasis
ofthisprincipleanditsconsequences thatspecific
provisions werelaiddown,inparticular inCouncil
Regulation (EEC)No1134/68(5)of30July1968
layingdownrulesfortheimplementation ofRegula­
tion(EEC)No653/68onconditions foralterations toHASADOPTED THISREGULATION :
Article 1
Thefollowing isaddedtoArticle 1(2)ofRegulation
(EEC)No2958/73:
'(d)100Italianlira=0-124844unitsofaccount
witheffectfromadatetobefixedunderthe
procedure laiddowninArticle108(3)ofthe
Treaty;thisdateshallcoincidewiththedate
onwhichthemeasures takenwithinthe
meaningofArticle7(5)oftheCommission
Decision (8)of8May1974becomeappli­
cable'.(>)OJNo106,30.10.1962,p.2553/62.
(2)OJNoL263,19.9.1973,p.1.
(3)OJNoL303,1.11.1973,p.1.
(4)OJNoL22,26.1.1974,p.2.
(«)OJNoL188,1.8.1968,p.1.(6)OJNoL106,12.5.1971,p.1.
(7)OJNoL353,22.12.1973,p.25.
(8)OJNoL152,8.6.1974,p.18.

NoL150/40 OfficialJournaloftheEuropeanCommunities 7.6.74
Article2 converted usingtherepresentative ratefortheItalian
liraapplicable on28January1974.
3.Themeasures referredtointhisArticleshall
applyfromthedatereferredtoinArticle 1.1.Asregardsproducts forwhichthe1974/75
marketing yearhasnotyetstarted,theintervention
andpurchase pricesapplicable inItalyshallbe
increasedby12·5%untilthatmarketing yearstarts.
Article4bofRegulation (EEC)No974/71shallbe
appliedsubjecttotheprovisions ofthefirstsubpara­
graph,exceptforthedurumwheatandoliveoil
subsidies .
2.Theamounts ofthedurumwheatandtheolive
oilsubsidiesshallforthe1974/75marketing yearbeArticle3
ThisRegulation shallenterintoforceonthethirdday
following itspublication intheOfficialJournalof
theEuropean Communities .
ThisRegulation shallbebindinginitsentiretyanddirectlyapplicable inallMember
States.
Done atLuxembourg ,6June 1974 .
FortheCouncil
ThePresident
H.APEL