NoL27/4 OfficialJournaloftheEuropeanCommunities 1.2.73
REGULATION (EEC)No222/73OFTHECOUNCIL
of31January1973
ontheexchangeratestobeappliedinagriculture forthecurrencies ofthenew
MemberStates
Whereasthepowertofixpricesandcertainamounts
isvestedintheCouncil,actingbyaqualified
majorityonaproposalfromtheCommission ,either
underArticle62(1)oftheActannexedtotheTreaty
concerning theAccession ofnewMemberStatesto
theEuropean Economic Community andthe
European AtomicEnergyCommunity (3),signedat
Brusselson22January1972,orundertheregulations
onthecommon organization ofmarkets in
agriculture ;
HASADOPTED THISREGULATION :
Article1THECOUNCIL OFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishing the
European Economic Community ;
HavingregardtoCouncilRegulation No129(*)on
thevalueoftheunitofaccountandtheexchange
ratestobeappliedforthepurposesofthecommon
agricultural policy,asamendedbyRegulation (EEC)
No653/68(2),andinparticular Article3(1)thereof;
HavingregardtotheproposalfromtheCommission ;
HavingregardtotheOpinionoftheMonetary
Committee ;
WhereasthesituationprovidedforinArticle3(1)of
Regulation 129,permitting measureswhichderogate
fromtheprincipleofusingparitiesforconverting one
currencyintoanother,nowexistsinthenewMember
States;
Whereas ,from1February 1973,thecommon
agricultural policyistobeappliedinthoseMember
Statesinaccordance withtransitional measures
which,ingeneral,provideforapriceleveldifferent
fromthecommonpricelevelandonprogressive
alignment towardsthatcommonpricelevel;>Vhereas
conversion ratesshould,therefore,beappliedwhich
arenotbasedonparitiesbutaremoreinlinewith
economic realities;
Whereas,takingthisintoaccount,theconversion rate
forDenmark shouldbethatwhichcorresponds to
thecentralrateforDanishKroner;whereasfor
IrelandandtheUnitedKingdom ,however,a
representative rateshouldbeusedcalculated by
referencetothearithmetical averageofthemiddle
ratesontheexchange marketsofthecountries
concerned atmiddayduringthefirsttwoweeksof
January1973;1.Wheretransactions tobecarriedoutin
pursuance ofinstruments relatingtothecommon
agricultural policy,orspecificruleslaiddownunder
Article235oftheTreaty,requirethecurrencies of
thenewMemberStatestobeexpressed inanother
currencyorinunitsofaccount,therateofexchange
tobeappliedfortheconversion ofpricesandother
amountsfixedbytheCouncilshall,inderogation
fromArticle2(1)ofRegulation No129,be:
(a)forDenmark ,theratewhichcorresponds tothe
centralrateforDanishKroner;
(b)forIrelandandtheUnitedKingdom ,therate
whichcorresponds totherepresentative ratefor
thecurrencies ofthesetwoMemberStates.
2.Therepresentative ratereferredtoinparagraph
1(b)shallbe:
£1sterling=£1Irish==2-3499USdollars=2-1644
unitsofaccount .
Article2
ThisRegulation shallenterintoforceon1February
1973.
AsregardstheMemberStatesreferredtoinArticle1,
itshallceasetobeapplicable tothecurrencyofany
oneoftheseStates,assoonasthatState
communicates anewparvaluetotheInternational
Monetary Fund.
(!)OJNo106,30.10.1962,p.2553/62.
HOJNoL123,31.5.1968,p.4. (3)OJNoL73,27.3.1972,p.5.

1.2.73 NoL27/5 OfficialJournaloftheEuropeanCommunities
ThisRegulation shallbebindinginitsentiretyanddirectlyapplicable inallMember
States.
DoneatBrussels,31January1973.
FortheCouncil
ThePresident
A.LAVENS