No C 128/12 Official Journal of the European Communities 21. 5. 79 
Opinion on the proposal for a Council Regulation on the impact of the European monetary 
system on the common agricultural policy 
The text referred to the Committee has been published in Official journal of the European 
Communities No C 294 of 8 December 1978, page 2. 
A. LEGAL BASIS FOR THE OPINION 
On 27 November 1978 the Council referred the abovementioned proposal to the Economic 
and Social Committee in accordance with Article 43 of the Treaty establishing the European 
Economic Community. 
B. OPINION OF THE ECONOMIC AND SOCIAL COMMITTEE 
The Economic and Social Committee prepared its opinion on the above matter at its 164th 
plenary session held in Brussels on 19 and 20 December 1978. 
The full text of the opinion is as follows: 
THE ECONOMIC AND SOCIAL COMMITTEE, 
Having regard to the Treaty establishing the European 
Economic Community, and in particular Article 43 
thereof, 
Having regard to the request by the Council of the 
European Communities on 27 November 1978 for an 
opinion, 
Having regard to the decision taken by its Bureau on 
28 November 1978, instructing the Section for Agri­
culture to prepare the Committee's work on the matter, 
Having regard to the urgency procedure provided for 
under Articles 46 and 47 of the Rules of Procedure, 
Having regard to earlier work on the matter, and in 
particular its opinion on a proposal for a Council 
Regulation establishing a European monetary system 
Having regard to the oral report made by Mr De Grave 
in the absence of the rapporteur, Mr Schnieders, . 
Having regard to the opinion adopted by the Section for 
Agriculture at its meeting on 13 December 1978, Having regard to the discussions at its 164th plenary 
session held oh 19 and 20 December 1978 (meeting of 
19 December), 
HAS ADOPTED THE FOLLOWING OPINION 
by 97 votes to 10 with 13 abstentions: 
The Committee approves the draft Regulation of the 
Commission subject to the following comments. 
1. The Committee welcomes the Commission 
proposals, without which the decisions setting up the 
European Monetary System would be incomplete. The 
Commission proposals ensure that when the European 
Monetary System comes into operation farm prices in 
the Member States as well as EAGGF payments in aid 
of structural projects will remain unchanged in money 
terms. 
2. The Committee hopes that the European monetary 
system will lead to greater currency stability between 
the Member States of the Community. If so, the 
prospects of returning to greater EEC unity in the 
agricultural sector are likely to be brighter. Greater 
currency stability will make it possible, in particular, to 
phase out monetary compensatory amounts. In this 
21. 5. 79 Official Journal of the European Communities No C 128/13 
connection the Committee would refer to its opinion of 
1 February 1978 on the Proposal for a Council 
Regulation relating to the fixing of representative 
conversion rates in agriculture. (*) 3. The Committee would draw attention in particular 
to the problems arising out of the fact that not all EEC 
countries have become full members of the European 
Monetary System. 
Done at Brussels, 19 December 1978. 
The Chairman 
of the Economic and Social Committee 
Fabrizia BADUEL GLORIOSO 
H OJ No C 84, 8. 4. 1978. 
ANNEX 
to the opinion of the Economic and Social Committee 
The following amendment was rejected during the discussions: 
'Delete the last sentence in point 2.' 
Voting 
For: 29; against: 41; abstentions: 31. 
The following passages from the Section opinion were deleted following the adoption of amendments 
during the discussions. 
'2. third sentence. Greater monetary stability will make it possible, in particular, to phase out 
monetary compensatory amounts without adversely affecting the incomes of farmers in individual 
Member States.' 
Voting 
For: 48; against: 32; abstentions: 31. 
'The Section would draw attention in particular to the problems and dangers arising out of the fact 
that not all EEC countries have become full members of the European monetary system.' 
Voting 
For: large majority; against: 2; abstentions: 10.