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( 1 ) OJ N 106 , 30 . 10 . 1962 , P . 2553/62 .

( 2 ) OJ N L 263 , 19 . 9 . 1973 , P . 1 .

( 3 ) OJ N C 53 , 8 . 3 . 1976 , P . 24 .

( 4 ) OJ N C 50 , 4 . 3 . 1976 , P . 19 .

( 5 ) OJ N L 106 , 12 . 5 . 1971 , P . 1 .

( 6 ) OJ N L 52 , 28 . 2 . 1975 , P . 28 .

( 7 ) OJ N L 188 , 1 . 8 . 1968 , P . 1 .

( 8 ) OJ N L 281 , 1 . 11 . 1975 , P . 1 .

( 9 ) OJ N L 306 , 26 . 11 . 1975 , P . 3 .

( 10 ) OJ N L 269 , 18 . 10 . 1975 , P . 1 .

( 11 ) OJ N L 72 , 20 . 3 . 1975 , P . 37 .

COUNCIL REGULATION ( EEC ) N 557/76

OF 15 MARCH 1976

ON THE EXCHANGE RATES TO BE APPLIED IN AGRICULTURE AND REPEALING REGULATION ( EEC ) N 475/75

THE COUNCIL OF THE EUROPEAN COMMUNITIES ,

HAVING REGARD TO THE TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY , AND IN PARTICULAR ARTICLES 28 , 43 AND 235 THEREOF ,

HAVING REGARD TO COUNCIL REGULATION N 129 ON THE VALUE OF THE UNIT OF ACCOUNT AND THE EXCHANGE RATES TO BE APPLIED FOR THE PURPOSES OF THE COMMON AGRICULTURAL POLICY ( 1 ) , AS LAST AMENDED BY REGULATION ( EEC ) N 2543/73 ( 2 ) , AND IN PARTICULAR ARTICLE 3 THEREOF ,

HAVING REGARD TO THE PROPOSAL FROM THE COMMISSION ,

HAVING REGARD TO THE OPINION OF THE EUROPEAN PARLIAMENT ( 3 ) ,

HAVING REGARD TO THE OPINION OF THE ECONOMIC AND SOCIAL COMMITTEE ( 4 ) ,

WHEREAS THE SITUATION REFERRED TO IN ARTICLE 3 ( 1 ) OF REGULATION N 129 , IN RESPECT OF WHICH DEROGATIONS MAY BE MADE FROM THE PRINCIPLE OF USING PARITIES FOR CONVERTING ONE CURRENCY INTO ANOTHER , NOW OBTAINS IN VARIOUS MEMBER STATES ;

WHEREAS IT HAS BEEN POSSIBLE TO SOLVE THE PROBLEMS POSED BY SUCH A SITUATION BY APPLYING MONETARY COMPENSATORY AMOUNTS AND REPRESENTATIVE CONVERSION RATES FOR THE PURPOSES OF THE COMMON AGRICULTURAL POLICY ; WHEREAS THIS ARRANGEMENT LEADS TO DIVERGENT PRICE LEVELS IN THE MEMBER STATES CONCERNED ; WHEREAS , HOWEVER , IN ORDER TO PREVENT THE MAINTENANCE OF UNCHANGED RATES FOR THE COMMON AGRICULTURAL POLICY FROM LEADING TO AN INCREASE IN THE DIFFERENCE BETWEEN PRICE-LEVELS EXPRESSED IN NATIONAL CURRENCIES WHEN PRICES ARE INCREASED , AND IN VIEW OF THE FACT THAT CERTAIN ADJUSTMENTS MAY BE MADE TO THE RATES TO ADAPT THEM TO THE REAL ECONOMIC SITUATIONS IN THE MEMBER STATES , REPRESENTATIVE RATES FOR THE CURRENCIES OF THE MEMBER STATES CONCERNED SHOULD BE FIXED AT LEVELS MORE CLOSELY RELATED TO THE ACTUAL ECONOMIC SITUATION ; WHEREAS AT THE SAME TIME ALL THESE REPRESENTATIVE RATES SHOULD BE RE-PUBLISHED IN A NEW TEXT ;

WHEREAS THE IMPACT OF THIS MEASURE ON THE ECONOMIES OF THE MEMBER STATES CONCERNED SHOULD BE MODERATED AS FAR AS POSSIBLE ; WHEREAS , FOR THIS REASON , THE NEW RATES SHOULD BE APPLIED WITHIN A REASONABLE PERIOD , COINCIDING IF POSSIBLE WITH THE BEGINNING OF THE MARKETING YEAR OR WITH A CHANGE IN PRICES ;

WHEREAS IT IS POSSIBLE TO REDUCE STILL FURTHER THE EFFECTS OF THE COMPENSATORY AMOUNTS ON MEMBER STATES WITH DEPRECIATED CURRENCIES ; WHEREAS TO THIS END CHANGES SHOULD BE MADE TO ARTICLE 2 ( 1 ) ( B ) OF COUNCIL REGULATION ( EEC ) N 974/71 OF 12 MAY 1971 ON CERTAIN MEASURES OF CONJUNCTURAL POLICY TO BE TAKEN IN AGRICULTURE FOLLOWING THE TEMPORARY WIDENING OF THE MARGINS OF FLUCTUATION OF THE CURRENCIES OF CERTAIN MEMBER STATES ( 5 ) , AS LAST AMENDED BY REGULATION ( EEC ) N 475/75 ( 6 ) ;

WHEREAS TO FIX SUCH A REPRESENTATIVE RATE WOULD LEAD TO AN ADJUSTMENT OF AGRICULTURAL PRICES ; WHEREAS THE PROBLEMS RAISED BY THE MODIFICATION OF EXCHANGE RATES ARE THE SUBJECT OF COMMUNITY PROVISIONS , IN PARTICULAR COUNCIL REGULATION ( EEC ) N 1134/68 OF 30 JULY 1968 LAYING DOWN RULES FOR THE IMPLEMENTATION OF REGULATION ( EEC ) N 653/68 ON CONDITIONS FOR ALTERATIONS TO THE VALUE OF THE UNIT OF ACCOUNT USED FOR THE COMMON AGRICULTURAL POLICY ( 7 ) ; WHEREAS THESE PROVISIONS ONLY COVER THE CASE OF A CHANGE IN THE PARITY OF A CURRENCY ; WHEREAS THEY SHOULD ALSO BE APPLIED IN THIS CASE ; WHEREAS , HOWEVER , IN SO FAR AS THE PARTIES CONCERNED MAY REQUEST THE CANCELLATION OF DOCUMENTS OR CERTIFICATES , SUCH APPLICATION WOULD BE JUSTIFIED ONLY IF THEY ARE PLACED AT A DISADVANTAGE AS A RESULT OF THE FIXING OF THE NEW REPRESENTATIVE RATES ;

WHEREAS THE MONETARY COMMITTEE WILL BE CONSULTED ; WHEREAS , IN VIEW OF THE URGENCY , THE MEASURES ENVISAGED SHOULD BE ADOPTED IN ACCORDANCE WITH THE CONDITIONS LAID DOWN IN ARTICLE 3 ( 2 ) OF REGULATION N 129 ,

HAS ADOPTED THIS REGULATION :

ARTICLE 1

1 . WHERE TRANSACTIONS TO BE CARRIED OUT IN PURSUANCE OF INSTRUMENTS RELATING TO THE COMMON AGRICULTURAL POLICY , OR SPECIFIC RULES LAID DOWN BY VIRTUE OF ARTICLE 235 OF THE TREATY , REQUIRE THE CURRENCIES REFERRED TO IN ARTICLE 2 TO BE EXPRESSED IN ANOTHER CURRENCY OR IN UNITS OF ACCOUNT , THE RATE OF EXCHANGE SHALL , IN DEROGATION FROM ARTICLE 2 ( 1 ) OF REGULATION N 129 , BE THAT CORRESPONDING TO THE REPRESENTATIVE RATE FOR THAT CURRENCY .

2 . THE REPRESENTATIVE RATE SHALL CEASE TO BE APPLICABLE FOR THE CURRENCY OF A MEMBER STATE AT SUCH TIME AS THAT STATE DECLARES A NEW PARITY TO THE INTERNATIONAL MONETARY FUND .

ARTICLE 2

1 . THE REPRESENTATIVE RATE REFERRED TO IN ARTICLE 1 SHALL BE :

( A ) FOR THE BELGIAN FRANC AND THE LUXEMBOURG FRANC :

BFR / LFR 1 = 0 * 0202640 UNIT OF ACCOUNT ;

( B ) FOR THE DANISH KRONER :

DKR 1 = 0 * 131956 UNIT OF ACCOUNT ;

( C ) FOR THE GERMAN MARK :

DM 1 = 0 * 287287 UNIT OF ACCOUNT ;

( D ) FOR THE FRENCH FRANC :

FF 1 = 0 * 180044 UNIT OF ACCOUNT ;

( E ) FOR THE IRISH POUND :

POUND 1 IRISH = 1 * 69653 UNITS OF ACCOUNT ;

( F ) FOR THE ITALIAN LIRA :

LIT 100 = 0 * 110497 UNIT OF ACCOUNT ;

( G ) FOR THE DUTCH GUILDER :

FL 1 = 0 * 293884 UNIT OF ACCOUNT ;

( H ) FOR THE POUND STERLING :

POUND 1 = 1 * 75560 UNITS OF ACCOUNT .

2 . THE NEW REPRESENTATIVE RATES SHALL BE APPLICABLE FROM :

( A ) 1 AUGUST 1976 FOR EGGS , POULTRY AND OVALBUMIN AND LACTALBUMIN ;

( B ) 16 DECEMBER 1976 FOR WINE ;

( C ) 1 JANUARY 1977 FOR FISHERY PRODUCTS ;

( D ) THE BEGINNING OF THE 1976/77 MARKETING YEAR FOR THE OTHER PRODUCTS FOR WHICH THE MARKETING YEAR HAS NOT COMMENCED ON THE DATE OF ENTRY INTO FORCE OF THIS REGULATION ;

( E ) 15 MARCH 1976 IN ALL OTHER CASES .

ARTICLE 3

1 . DETAILED RULES FOR THE APPLICATION OF THIS REGULATION SHALL BE ADOPTED IN ACCORDANCE WITH THE PROCEDURE LAID DOWN IN ARTICLE 26 OF REGULATION ( EEC ) N 2727/75 ( 8 ) , AS AMENDED BY REGULATION ( EEC ) N 3058/75 ( 9 ) , OR IN THE CORRESPONDING ARTICLES OF THE OTHER ACTS CONCERNING AGRICULTURE ESTABLISHING SIMILAR PROCEDURES OR , IF NECESSARY , BY DEROGATION FROM THE RULES GOVERNING THE FIXING OF PRICES LAID DOWN IN THE RELEVANT REGULATIONS WHERE AND SO LONG AS STRICTLY NECESSARY TO TAKE ACCOUNT OF THIS REGULATION .

2 . AS REGARDS THE AMOUNTS FIXED IN UNITS OF ACCOUNT WHICH ARE NOT CONNECTED WITH THE FIXING OF PRICES , THE ARRANGEMENTS REFERRED TO IN PARAGRAPH 1 ABOVE MAY CONSIST OF AN INCREASE OF 2 * 81 % .

ARTICLE 4

IN ARTICLE 2 ( 1 ) ( B ) , LAST SUBPARAGRAPH , OF REGULATION ( EEC ) N 974/71 , THE FIGURE 1 * 25 IS REPLACED BY 1 * 50 WITH EFFECT FROM 15 MARCH 1976 .

ARTICLE 5

1 . THE PROVISIONS OF REGULATION ( EEC ) N 1134/68 IN RESPECT OF AN ALTERATION OF THE RELATIONSHIP BETWEEN THE PARITY OF THE CURRENCY OF A MEMBER STATE AND THE VALUE OF THE UNIT OF ACCOUNT SHALL APPLY .

2 . HOWEVER , ARTICLE 4 ( 1 ) , SECOND SUBPARAGRAPH , OF REGULATION ( EEC ) N 1134/68 SHALL APPLY ONLY IF THE APPLICATION OF THE NEW REPRESENTATIVE RATES IS DISADVANTAGEOUS FOR THE PARTY CONCERNED .

ARTICLE 6

THE PROVISIONS OF COUNCIL REGULATION ( EEC ) N 475/75 OF 27 FEBRUARY 1975 ON THE EXCHANGE RATES TO BE APPLIED IN AGRICULTURE , AS LAST AMENDED BY REGULATION ( EEC ) N 2638/75 ( 10 ) , SHALL CEASE TO BE APPLICABLE FOR A GIVEN SECTOR ON THE DATE ON WHICH THE PROVISIONS OF THIS REGULATION BECOME APPLICABLE TO THAT SECTOR .

ARTICLE 7

ARTICLE 2 OF COUNCIL REGULATION ( EEC ) N 675/75 OF 4 MARCH 1975 FIXING FOR THE 1975 HARVEST THE AMOUNTS OF THE PREMIUM GRANTED TO PURCHASERS OF LEAF TOBACCO ( 11 ) SHALL BE REPLACED BY THE FOLLOWING :

" THE EXCHANGE RATE TO BE APPLIED TO THE PREMIUMS FOR THE 1975 TOBACCO HARVEST SHALL BE :

_ AS FROM 1 JANUARY 1976 IN GERMANY AND IN THE BENELUX COUNTRIES , THE REPRESENTATIVE RATE IN FORCE BEFORE 3 MARCH 1975 ,

_ IN FRANCE , THE REPRESENTATIVE RATE IN FORCE BEFORE 15 MARCH 1976 . "

ARTICLE 8

THIS REGULATION SHALL ENTER INTO FORCE ON 15 MARCH 1976 .

THIS REGULATION SHALL BE BINDING IN ITS ENTIRETY AND DIRECTLY APPLICABLE IN ALL MEMBER STATES .

DONE AT BRUSSELS , 15 MARCH 1976 .

FOR THE COUNCIL

THE PRESIDENT

R . VOUEL