1.11.73 OfficialJournaloftheEuropean Communities NoL303/1
I
(Actswhosepublication isobligator)
REGULATION (EEC)No2958/73OFTHECOUNCIL
of31October 1973
ontheexchange rateappliedinagriculture fortheItalianlire
THECOUNCIL OFTHEEUROPEAN
COMMUNITIES ,Whereastofixsucharepresentative ratewouldlead
toanadjustment ofagricultural pricesinItaly;
whereasthisresultisconsistent withthebasicprin­
cipleofuniformity ofpricesintheCommunity ;
whereasitwasonthebasisofthisprincipleandits
consequences thatspecificprovisions werelaiddown
inCouncilRegulation (EEC)No1134/68(')of30
July1968layingdownrulesfortheimplementation
ofRegulation (EEC)No653/68onconditions foralter­
ationstothevalueoftheunitofaccountusedforthe
commonagricultural policy;whereastheseprovisions
onlycoverthecaseofachangeintheparityofa
currency ;whereastheyshouldalsobeappliedinthis
case;
WhereastheMonetaryCommittee hasbeenconsulted
andwhereasinviewoftheurgencyentailed ,the
measuresenvisagedshouldbeadoptedinaccordance
withtheconditions laiddowninArticle3(2)ofRegu­
lationNo129,HavingregardtotheTreatyestablishing theEuropean
Economic Community ;
HavingregardtoCouncilRegulation No129(')on
thevalueoftheunitofaccountandtheexchange
ratestobeappliedforthepurposesofthecommon
agricultural policy,aslastamended byRegulation
(EEC)No2543/73(2)andinparticular Article3
thereof ;
HavingregardtotheproposalfromtheCommission ;
Whereasthe-situationreferredtoinArticle3(1)of
Regulation No129,inwhichderogations maybe
madefromtheprinciple ofusingparvaluesfor
converting onecurrencyintoanother,nowobtainsin
variousMemberStates;
HASADOPTED THISREGULATION :
Article 1Whereas ,however,ithasgenerallybeenpossibleto
solvetheproblems posedbysuchasituationby
applyingmonetary compensatory amounts ,enabling
exchange ratestobemaintained whichcorrespond to
theparitiesofthecurrencies concerned ;whereasthis
arrangement hasledtodifferentpricelevelsinthe
MemberStatesaffected ;whereasitispossibleto
reducethecompensatory amountsatpresentappli­
cableintradewithItalyandthustakeonesteponthe
roadbacktouniformfarmpricesintheCommunity ;
Whereasthisobjectivecanbeattainedbyfixinga
representative conversion ratefortheItalianliraata
levelmorecloselyrelatedtotheactualeconomic situa­
tion—inagriculture —;whereasinviewofthe
consequences forpricelevels,therateshouldbefixed
instages;whereasthemostappropriate method
wouldbetofiximmediately arateinvolving onlya
smallchange,whileasecondstepinthedesireddirec­
tionwouldbemadewithinareasonable time;1.Wheretransactions tobecarriedoutinpursu­
anceofinstruments relatingtothecommonagricul­
turalpolicy,orspecificruleslaiddownunderArticle
235oftheTreaty,requiretheItalianliratobe
expressed inanothercurrencyorinunitsofaccount,
therateofexchange tobeappliedforconversion
shall,inderogation fromArticle2(1)ofRegulation
No129,betheratewhichcorresponds totherepresen­
tativerateforthatcurrency .
2.Therepresentative ratereferredtoinparagraph I
shallbe:
(a)witheffectfrom 1November 1973:
100Italianlira=0153846unitsolaccount
(')OJNoL106,30.10.1962,p.2553/62.
-')OJNoL263,19.9.1973,p.1. (')O|NoL1X8,I.8.1968,p.

NoL303/2 OfficialJournaloftheEuropeanCommunities1.11.73
(b)witheffectfrom 1January1974:
100Italianlira=0-147493 unitsofaccount .2.However ,thesecondsubparagraph ofArticle4
(1)ofRegulation (EEC)No1134/68shallnotapply
whentherepresentative ratespecifiedinArticle 1(2)
(b)is-introduced .Artiec2
Article3
1.Thoseprovisions ofRegulation (EEC)No
1134/68whichrelatetoanalteration oftherelation­
shipbetweentheparityofthecurrencyofaMember
Stateandthevalueoftheunitofaccount,inparti­
cularArticles4,5and6thereof,shallapplyinrespect
ofeachproductconcerned fromthedateonwhich
therepresentative rateisfixedforthatproduct .ThisRegulation shallenterintoforceonthedayofits
publication intheOfficialJournaloftheEuropean
Communities .
ItshallceasetohaveeffectatsuchtimesastheItalian
RepublicshalldeclareanewparitytotheInterna­
tionalMonetary Fund.
ThisRegulation shallbebindinginitsentiretyanddirectlyapplicable ,inallMember
States.
DoneatBrussels ,31October 1973.
FortheCouncil
ThePresident
IbFREDERIKSEN