ARCHIVESHISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(73)1995
Vol.1973/0354

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COMMISSION OFTHEEUROPEAN COMMUNITIES
COM(73 )1995 final
Brussels ,27November 1973
DRAFT DECISION /ECSC .
ofthe Commission relating totherates forconverting
the Member States *currencies into the unit ofaccount used
indécisions ,recommandations ,opinions andcommuniques
infields covered bytheTreaty establishing
theEuropean Coal and .Steel Community - .
(submitted totheCouncil bytheCommission )
C0M(73 )1995 final

XIX/519/73-3
E:rPL.AJ7AT0P.T t1E!.lGimiPTM 1
I.Grçyundsforchange
1.Hithertotheratesforconvertingthevariouscurrenciesintotheunit
ofaccountusedforbudgetaryandfinancialoperationsarisingfrom
implementation oftheEGSGTreatyhavebeenbasedontheirgoldparityas
declaredtotheInternational MonetaryFund,
2.Theseconversionratesnolongerreflecttherelationship between
currenciesastheyaroatpresentontheexchangemarkets.
3.Asaresult,distribution amonglevy-payersofthelevi.esreferredtoin
Article49oftheTreatyhasbecomemoreofaburdenforthecoalandiron
andsteelindustriesoftheMemberStateswhosecurrencieshaveappreciated
andfavoursthoseinMemberStateswhosecurrencieshavedepreciated.
4.Thoseindustrieswhichareatadisadvantage becauseoftheretentionof
conversionratesbasedongoldparitieshavealreadyindicatedinvarious
waysthattheywouldliketheCommission'toadoptforthecalculation and.
paymentoflevies,conversionrato3closertoeconomicreality.
5.Inordertoplacetheocllectionofleviesonafairerbasis,the
Comraissionconsidersitnecessarytoadopt,newprovisionsasfrom1January
1974. ",.
■^hisexplanatorymemorandumandtheattacheddraftdecisionreplacethetolevantpartsofDocumentSEC(73)2846final.

-2- x:x/5-i?/7>r;
II,Fieldofapplication ofthenewsystem
6.Theproposeddscisionwillhavenoeffectsoutsidethefieldof
applioation pftheEQ?0
7.Inthefieldcovered "bytheEC30Treatythecalculation ofthelevies
referredtoin-Article49andthedrawingupoftheECSCoperational "budget
and"balance-«heetmust"becarriedoutinaccordancewiththenewprovisions.
Theproposeddecision'willnotchangetheequivalenceinnationalcurrencies
ofcommitmentsarisingfromdecisionstakenwithregardtoaid,asaresult
thebalanceofthesecommitments willherecalculated inunitsofaccount
inaccordancewiththenewsystemwhentheECSC"balancesheetisdrawnup,
Ontheotherhand,thesystemofaidforcokingcoalandcoke,whichwill"be
inforceuntil197&,willofooursehavetomakeuseoftheratesof
conversionintonationalcurrenciesresultingfromthenewprevisions
(Decision73/287/ECSCof25July1973,OJNo259,15September1973,P.~36to
42)7
8.However,operationsforwhichCommissiondecisionslaydownspecifio
measuresonactionto"betakenwithregardtochangesinconversionrates
mustbeexcludedfromthefieldofapplicationoftheproposed .decision.
Whatisinvolvedistheoperationofaclearingaccountrelatingtoscrap
ironequalization transactions whichwerecarriedoutbefore30November
1958(DecisionNo21/60ECSCof20July1960,OJNo54,24August1960,
PP*1177-80),forthereasonsindicatedinthegroundsfordecision2l/60#
ConfirmedlytheCo-artofJusticeoftheEuropeanCommunitybyits
judgmentincaseNo37/^4.
9.Alistsummarizingtheeffectsinrelationtothearticlesofthe
TreatyisgivenintheAnnex,

-•3- XIX/519/73-E
III#Principlesanddetailedrulesofthenewconversionsystem
10,ForthecurrenoieaofthoseMemberStateswhichkeeptheexchangerates
oftheircurrenciesinrelationtoeachotherwithinmarrowmargins-"the
1CommunityTband"–itseemslogicaltoadoptthe"effectiveparities"as
theconversionrates"betweentheunitofaccountandnationalcurrencies,
sincethe"effectiveparities"constitutethebasisofexchangerelationships
"betweenthosecurrencies,
11,Fortheothercurrencies,theconversionrate-shouldalsoreflecttheir
depreciation orappreciation inrelationtothecurrencieswhoseexchange
ratesare"beingkeptwithintheCommunity "band.However,insteadof"basing
conversionratesonthemarketratesforoneday,whichcouldproveerratic,
theCommissionproposesto"basethecalculation onanaverageoftheexchange
ratesrecordedduringagivenreferenceperiod.Inthiswaythe
conversionratesfortheothercurrencieswill "beadjustedperiodically on
the"basisoftheaverageexchangeratesofthecurrencieswithinthe
Community "bandrecordedontheexchangemarketofthecurrencyconcerned
duringthe"referenceperiods".ExceptasregardstheECSC"balanoe-^sheet
(seesection13"below),eachreferenceperiodwill"bethelastmonth"butone
precedingaperiodofhalfacalendaryearduringwhichtheconversionrates
aremaintained.However,therewill"benoneedtochangetheratein
forcewherethedifference "betweenthisrateandtheratelastfixeddoes
notexceedhalfthewidthoftheCommunity "bandji.e.1.125/&atpresent,
1CaInordertoensureidenticalperiodsofapplicationinthetwooases,
changesintheconversionratesforcurrencieswhichare"beingkept
withinthoCommunity "bandwillfollowasimilarprocedure.The
conversionrateswillalso"beapplied "by.halfcalendaryearperiods*
Goldparityorcentralrate,accordingtotheoase.

-4~ m/513/73-2
Theratesadoptedwillbethoserecordedonthelastworkingdayofthe
lastmonth "butoneprecedingthehalfcalendaryear<*em«e?ned».
13*Asregardsthedrawingupofthe"balance-sheet ,theCommission,
followingtheexampleofotherfinancial "bodies(forexampletheBank''
forInternational Settlements),willtakeas"referenceperiod'!
thelastworkingdaybeforetheclosingofthe"balance-sheet .
IV.Consultation
14*Asrequired "byArticle50(2)oftheTreatyestablishingthe
ECSC,theCouncilofMinistersis"beingconsultedregardingthe
decisionrelatingtotheratesforconvertingtheMemberStates®
currenciesintotheunitofaccountusedindecisions,reoommenjdations ,
opinionsandcommuniquesinthefieldscoveredbytheTreaty
establishing theECSC.

XIX/519/73-E
DRAFTIECISIOIT7i3CSCcfth£Oo&nission
_ n,r
relatingtotheratesforconvertingtheMember
States1currenciesintotheunitofaccountused
indecisions,recommendations ,opinionsand
communiquesinfieldscovered "bytheTreaty
establishing theEuropeanCoalandSteelCommunity:.
TheCommission,of"theEurope;nCorinunities
HavingregardtotheTreatyestablishingtheEuropeanCoalandSteelCommunityf
andinparticularArticles8f14f26and50thereof;
HavingregardtoDecisionMo/EC3CoftheCommissionof 1973
relatingtothedefinitionoftheunitofaccountusedinitsdecisions,
recommendations ,opinionsandcommuniques .,inthefieldscoveredbytheTreaty
establishing theEuropeanCoalandSteelCommunity *-; '
Whereaseconomicrealityshouldbeadheredtoascloselyaspossiblefor
purposes«fconversionoftheMemberStates*currenciesintounitsof
accountinthefieldscoveredbytheECSCTreaty;
AfterconsultingtheCouncil;
HASADOPTEDTHISDECISION ":

-2- XI;y519/73--IL
ConversionoftheMemberStates*currenciesintotheunitofaccountusedin
decisionsjrecommendations ,opinionsandcocaininiquSsinthefieldscovered
"bytheTreatyestablishing theEuropeanCoalandSteelCommunitysh'-llbe
carriedoutasfollowss
1.ForcurrencieswhoseratesarewithintheCommunitybardf"byusingthe
effectiveparity(goldparityorcentralrateaccordingtotheindividual
case)recordedonthelastworkingdayofareferenceperiodasdefinedin
ArticleIII"below.
2,Forallothercurrencies,"byusingaratefixedbytheCommission on
thebasisoftheaverageofthecurrencyratesreferredtointhepreceding
paragraphandrecordedontheexchangemarketofthecurrencyconcerned
duringareferenceperiodasdefinedinArticleIIIbelow.ITochangewill
bemadeintheratesinforcesolongasthedifferencebetweenthemand
therateslastfixeddoesnotexceedhalfthewidthoftheCommunityband.
Article .*
TheratesestablishedbyapplicationoftheprovisionsofArticleIshall
beappliedbyperiodsofhalfcalendaryears.
Article3
ThereferenceperiodsreferredtoinArticle1(2)shallbe;
–forthedrawingupoftheECSCbalance-sheet ,thedateofdrawingup
or,wherenecessary,thelastworkingdaybeforethedateofdrawingup;
–forotheroperationsthelastmonthbutonebeforethehalfcalendar
yearwhichtheoperationsrefer.

-3- XIX/519/733®
Articled
Thisdecisions
-shallnotapplytotheECSCadministrative budget;
-shallnotapplytoprovisionslayingdownspeoifiomeasuresconcerning
actiontohotakenwithregardtochangesinconversionrates,in
particularDecision21/60/ECSCof20July1960;
-shallnotchangethevalueinnationalcurrenciesofcommitmentsarising
fromdecisionstakenwithregardtoaid,exceptforDeoision73/287/ECSC
of25Julj'1973concerningcokingcoalandcokefortheironandsteel
industryintheCommunity.Intheseoasesonlytheaccountestimatedin
unitscfaccountmaybealtered.
Article5
TheCommissionshallinformthepartiesconcernedoftheconversionrates
laiddowninaccordancewiththeprecedingArticles.
Articleo.
InaccordancewithArticlesI.IIandIIItheconversions carriedoutshall
beused:
–forthedrawingupoftheECSCbalance-sheet ,asfrom31December1973?
j
–forthecalculationofaveragevaluesinvolvedinthecalculationof
levies,asfromtheleviesof1974?
-forothertransactions,asfrom1January1974#
Thisdecisionshallbebindinginitsentiretyanddirectlyapplicablein
allMemberStates.
DoneatBrussels, 19 FortheCommission

XIX/519/73-E
annex
Draftdecisionconcerningtheconversion
rates-'for:thetEQSC0tSflit:a6f aeconnfr^-.
ListsummarizingtheeffectsrelatingtotheECSC'sfinancial
operations
No
1
2
5
6
7
8Articleof
theECSC
Treaty
49
49
53(b)
54
55
56
9$Operations Effects
4-
collectionoflevies -Inaccordancewiththe
newsprovisions
Contractingofloans "None,asthisinvolves
contractsinaccordance
withthelawoftheparties
Equalization mechanismjNone,asthisinvolvesthe
forimportedscrap .windingupofmechanisms
iron relatingtotheperiod
before30November1958*
Theconversionrates
applicablearefixedin
Decision21/60/fecSC
Investments
–authorazation
décisions
~contracts
Besearch
Reaaaptation,
conversion
Cokingcoal
Operational
budget
Balance-sheetMaintaintheoriginal
equivalenceinthe
currencies involved
See2
See4
See4
See1
See1
See1