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COMMISSION OFTHEEUROPEAN COMMUNITIES
COM(76)590final.
Brussels.4November1976.
;/''hA
v» -r .'-
^^PROPOSALFORACOUNCILREGULATION(EEC)
relatingtothefixingofrepresentative exchangeratesinthe
agricultural sector.
(submittedtotheCouncil "bytheCommission)
COM(76)590final.

I
Proposai foraCouncil Regulation (EEC)NO /76
of
relating tothefixing ofrepresentative exchange rates
inthe agricultural sector
THECOUNCIL OPTHEEUROPEAN COMMUNITIES ,
Having regard totheTreaty establishing theEuropean Economic Community
andinparticular Articles 28,43and235thereof ,
Having regard totheproposal from the Commission ,
Having regard totheOpinion oftheEuropean Parliament ,
Having regard totheOpinion oftheMonetary Committee ,
Whereas Council Regulation (EEC )NO129 ,aslast amended byCouncil Regulation
(EEC)NO2543/73\relating tothevalue oftheunitofaccount and .tothe
exchange rates tobeapplied forthepurposes ofthecommon agricultural
2policy ,fixed the value ofthe agricultural unit ofaccount and the conversion
rates tobeapplied forthepurposes ofthecommon agricultural policy
between this unit ofaccount andthenational currencies ,ontheonehand ,
andbetween thenational currencies themselves ,ontheother hand ;whereas
Article 3ofthis Regulation enables derogations tobemade from the rules
originally established tomeet cases ofexceptional monetary practices ;
whereas ,since theutilization offloating rates bysome Member States ,this
provision hasbeen resorted toonnurcerous occasions forthepurpose of
introducing andmodifying therepresentative rates ;
Whereas ,since 1975*these rates have been applied byalltheMember States ;
whereas they serve toharmonize therates used inconnection with the
agricultural policy onmarket rates jwhereas they thus contribute particularly
toadiminution ofthemonetary compensatory amounts fixed byCouncil Regulation
^OJNoL263of19September 1973 .p.1.
η
OJNo106,of30October 1962 ,p.2553/62.

(EEC)No974/71of12May1971,relatingtocertainpoliticalmeasures
ofmedium-term economicplanningtobetakenintheagricultural sector
asaresultofthetemporaryenlargementofthemarginsoffluctuation
inthecurrenciesofcertainMemberStates^,asmodifiedsubsequently
byRegulation(EEC)NO557/76^;
WhereasthedevelopmentofthecurrencyofcertainMemberStateshas
severaltimesledtocompensatory monetaryamountsofsuchanature
astoturnagovernmentfromitsoriginalobjectives;whereasthese
amountshavebeenintroducedforthepurposeofpreventingtheseexchange
ratesfromhavingimmediaterepercussions ontheagriculturalprices
expressedinnationalmoney;whereasmaintainingthempermanentlycauses
disturbingeffectsontheunityoftheagricultural marketanddistortions
ofcompetition ;
Whereas,inaddition,thisreasoningisequallyvalidforthedifferential
elementsintroducedbyCouncilRegulation (EEC)No1569/72of20July1972,
providingspecialmeasuresforrapeandturnipseeds,asmodified
subsequentlybyRegulation(EEC)No3477/73^;
Whereas,undertheseconditions,itisappropriatetoadministerthesystem
inforcebymeansofmeasureswhichproducedirecteffectsuponthe
representative ratesandhenceonthelevelofcompensatory amountsand
differentialunits;whereasitisappropriatethatthenewsystemshall
actattwodifferentlevels,i.e.,byintroduction ,ontheonehand,
ofanupperlimittotheamountsinvolved,which,ifitweretobe
exceeded,wouldleadtoanadaptationoftherepresentative rates,and
ontheotherhand,apermanentsystemformanagingtheserates;whereas,
inpractioe,thelatteroughtregularlytobemodifiedasafunctionof
marketdevelopmentinthecurrencyconcernedduringareferenceperiod;
Whereasitisnecessarytolimittheincidencesofthesemeasures,particularly
inrespectoftheireffectsonthelevelofpricesonproduotionandconsumption
30JNoL106of12May1971,p.1.
40JNoL67of15March1976,p.1.
50JNoL16?of25July1972,p.9.
OJNoL357of28December1973»p.6*

-3-
whereasforthispurpose,areferenceperiodmustfirstbechosen
whichissufficiently longthatitistrulyrepresentative ofthe
valueofcurrencyconcerned ;whereasitisnecessarytoproceedwith
cautioninthefixingofthelimitsfortriggeringthemechanismand
totakeaccountofthevariouseconomicsituationsoftheoriginal
andnewMemberStatesontheonehand,andoftheMemberStateswith
depreciatedorvalorizedcurrencyontheother;whereasitisindicated
thatchangesonlybepermittedintherepresentative rateswithin
reasonablelimitsandonconditionthatthegapsexistingbetweenthe
exchangeratesarenotincreasedandthatnonewgapsareintroduced .

-3a-
HASADOPTEDTHEPRESENTREGULATION
Article 1
1.TheprovisionsofthisRegulationshallcomplimentthoseof
Regulation No129*
2.TheprovisionsofArticle3ofRegulation No129cannot "beapplied
insuchawayastointroduceorincreasethemonetarycompensatory
amounts.
Article2
1.Therepresentative rateofacurrencyshallbemodifiedwhenthe
gapinthemonetarycompensatory amountsappliedtotheMemberState
concerneddoesnotexceedatriggeringlevel,whichhastobedetermined.
Inthecaseofvalorizedcurrencies ,thislevelislessthanthattaken
fordepreciatedcurrencies,andupuntil30June1978inthenewMember
States,isgreaterthanthevaluefortheotherMemberStates.
2.Accordingtothecase,theadaptationofrepresentative rates,shall
consistofarevaluation ordevaluation ofsuchatypethatthagap
providedforinparagraph 1iscarriedtothetriggeringpoint.
Article3
1.Therepresentative ratesshallbemodifiedregularalyinaccordance
withthedevelopment ofmarketratesduringareferenceperiod.
(a)everysixmonths,andwitheffectfrom1January1977>forthe
MemberStateswithdepreciated currency,
(b)witheffectfromthebeginningofeachtradingyearforthe
MemberStateswithvalorizedcurrency.
2.Thereferenceperiodshallbetheperiodof18monthscommencing :
(a)inthecaseofMemberStateswithdepreciatedcurrency:
twoyearsbeforethedateonwhichtherepresentative ratecomesinto
effectinaccordancewiththisarticle,
(b)inthecaseofMemberStateswithvalorizedcurrency:

The1Januaryofthesecond,yearprecedingthatmwhichthemodifying
decisionwastaken.
Article4
1.TheapplicationoftheprovisionsofArticles2and3
cannotleadduringaperiod,to"bedetermined.,totheadaptationofa
representative ratewhiohexceedsamaximumpercentage.Thismaximum
percentageislowerforvalorizedcurrenciesthanfordepreciated
currencies .
2.Nevertheless ,theCouncilactingbyaqualifiedmajorityona
proposalfromtheCommission mayderogatetheruleinparagraph 1.
Article5
Withinthemeaningofthisregulation ,thefollowingmeaningsshall
apply:
(a)representative rate:theconversionratetobeusedwhenthe
operationstobeimplemented intheapplication oftheactsrelating
tothecommonagricultural policyofthespecificregulations taken
undertheheadingofArticle235oftheTreatyrequirethesums
mentionedtobeexpressedinthecurrencyofaMemberStateorin
unitsofaccount,orviceversa,
(b)valorizedcurrency:thecurrenciesoftheMemberStatesinwhich
themonetarycompensatory amountsarecollectedonexportand
grantedonimport.
Article6
TheCouncilactinguponaqualifiedmajorityonaproposalfromthe
Commissionshalladoptgeneralrulesfortheapplicatonofthis
regulation ,andinparticular
(a)thetriggeringlevelprovidedforinArticle2(l),
(b)theperiodandhencethemaximumpercentageprovidedforinArticle <

Article 7
1.Themodifications oftherepresentative rates provided for
inArticles 2and 3shall "becarried outaccording totheprocedure
A
laid down inRegulation (EEC)NO2727/75 fassubsequently modified
"byRegulation (EEC)1143/76oraccording tothecase ,according tothe
article corresponding toother agricultural regulations which institute
ananalogous procedure .
2.Inthecase ofArticle 3,themodification ismade after consultation
with theMonetary Committee .
Fortheconsultation oftheMonetary Committee ,theprovisions of
Article 3(2)ofRegulation 129shall apply .
Article 8
This regulation shall enter into force onthethird dayfollowing its
publication intheOfficial Journal oftheEuropean Communities .
Itshall "bebinding inall itsparts anddirectly applicable toall
Member States .
Done atBrussels For the Council
The President
η
'OJNoL281of 1November 1975 ,p.1
OJNoL230of19May1976 ,p.1.