ARCHIVESHISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(76)112
Vol.1976/0037

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/
COMMISSION OFTHEEUROPEAN COMMUN1TIES
COM(76)112 final .
Brussels ,19March 1976
■■■ ■ . V ; : •
Proposai for a. ,
REGULATION (EEC )OFTHECOUNCIL ,
amending therate ofexchange tobeapplied for
,agricultural purposes tothe /French franci 1
(submitted totheCouncil bytheCommission )
'*r .
|0M.(76>' 112final .

EXPLAMTORY MMOMOTUM
CouncilRegulation(EEC)No/'(6of ontheexchangerate
tobeappliedforagriculturalpurposesandrepealingRegulation (EEC)
K'o475/751introduced3-representativeratefortheFrenchfrancwhichinfact
reintroduced theapplicationofthecentralrateforthatcurrencyforthe
conversion "intonationalcurrencyoftheamountsfixedinu.a.underthecommon
agricultural policy.Thefixingofthisratecorresponded toa1.42>
revaluation ofthe"green"franc.Itwastocomeintoeffectinprincipleat'
thebeginningofthemarketingyearforthedifferentagricultural products
concernedandthereforeformilkandmilkproducts,beefandveal,pigmeat
andforthe'productscoveredbyRegulation(ESC)NO1059/69»on15March1976*
Sincethatdate,theFrenchfranchasleftthe"snalce"ofcurrencieswhich
maintainamaximumgapof2.25fcintheirspotratesandisnowfloating.In
thesecircumstances ,theabovementioned revaluationisnolongereconomically
justifiable.ItisthereforeproposedthatthevaluefixedbyRegulation '
2(.ftiSC)Jjo4Y5/75shouldberestoredforthe"green"rateofthePVenchfranc.
IthadalsobeenlaiddowninArticle7°fRegulation(EEC)No/l6
that"theratetobeusedfortheconversionintoBVenchfrancsofthepremium
fortobacco,fixedin.iwa.forthe1975harvest,wouldbethatvaluebefore
15iiarch1976eItwouldthushavebeenpossibletopreventthepremiumpaid
from15March197^frombeinglessinnationalcurrencythanthatgranted
oeioretnatdate.Withthecancellationoftherevaluation ,whichformsthe
basisofthatprovision,thereisnolongeranyneedfortheabovementioned
<Ai*v"Gi.cJ.sJo
viewoftheeconomicimportanceoftheproposedmeasure,itis
ac.;.«risablefortheCounciltotakeadecisionasquicklyaspossible,for
implementation on1Auril.
(1)OJMbL
(2)QJKoL52.

PROPOSAL POE
COUNCILREGULATION(EEC)NOHS
of
amendingtherateofexchangetobeapplied,
foragricultural purposestotheFrenchfranc
THECOUNCILOFTHEEUROPEANCOI®IUNITIES,
HavingregardtotheTreatyestablishing theEuropeanEconomicCommunity,
HavingregardtoCouncilRegulation(EEC)NO129onthevalueoftheunit
ofaccountamitheexchangeratestobeappliedforthepurposesofthe
commonagriculturalpolicy,aslastamendedby'Regulation(EEC)HO
2543/73.andinparticularArticle3thereof,
HavingregardtotheproposalfromtheCommission,
WhereasCouncilRegulation(EEC)Ho/76of ontheexch^jtge
ratetobeappliedforagriculturalpurposesandrepealingRegulation(EEC)No
475/75"*introducedarepresentative ratefortheFrenchfranctotakeeffect
basicallyatthebeginningofthemarketingyearforthevarious
agricultural productsand,incertaincases,from15March1976;
whereasthemovementoftheFrenchfrancshowsthatitisnecessarytorevertt
therepresentative ratepreviouslyvalidforthatcurrency;
WhereasArticle7oftheabovementioned Regulationprovidesforaspecial
measureinviewofthefactthatthenewrepresentative ratemay,incertain
circumstances resultinareduction'intermsofthenationalcurrencyof
amountsfixedinunitsofaccount;whereasthatspecialmeasureisno
longernecessaryiftheoldrepresentative rateisrestored;
WhereastheMonetaryCommitteewillbeconsultedandwhereas,inviewofthe
urgencyofthematter,theproposedmeasuresshouldbeadoptedunderthe
conditionslaiddowninArticle3(2)ofRegulationNo129,
MSADOPTEDTHISREGULATION :
(1)OJNo106,30.10.1962,p.2553/62
(2)OJNoL263,19.9.1973,p.1
(3)

Article 1
1.InArticle 2(l)(d )ofRégulation (SEC)No h6,
"5Trs 1=0.18044 unit ofaccount "ishereby replaced "by
"ITrs 1=0.177520 unit ofaccount ".
2.Article 7OFRégulation (EEC)NO isrepealed .
Article 2
i
This Regulation shall enter into force on1April 1976-
This Regulation shall hebinding initsentirety anddirectly applicable
inall Member States .
Done atBrussels , For the Council

FINAJJCIAL RECORDSHEET
Bate17,3.1976
1.Relevantbudgetheading:VariousArticlesanditemsofTitles-6and7
2.Titleofproject:ProposalforaCouncilRegulationamendingtheexchangerate
tobeappliedtotheFrenchfrancforagricultural purposes.
3.Legalbasis:Article3ofRegulation No129
4«Purpose:Realignmentoftherepresentative rateoftheFrenchfrancatthe_
levelfixedbyRegulation(EEC)NO475/75,followingthemovement
ofthatcurrency.
5-0Cost
assignedtotheECBudget(experaliiurg
Revenue(ownresources)12monthscurrentfinancial
year(76)following .
financial
year(77)
+17mill­
ionu.a»
+1mill­
ionu.a.■+1millionu.a.
+0.5million
u.a.+17million
u.a.
–1million
u.a.
5.1MultiannualtimetableYear1977Year1978Year
+17millionu.a.
5-2Methodofcalculation :
a).Expenditure:therealignmentoftherepresentativerateproducestheeffectofthe
doubleconversionrateof1.42$.OnthebasisofanexpenditurelevelinFrance
of1200millionu.a.,over12months,theeffectofthedoublerateisan
increaseinexpenditureof17millionu.a.Forthe1976financialyear,allowing
fortheentryintoforceoftherepresentative ratesectorbysector,theeffect
ofthedoublerateonexpenditurewillbe+9millionu.a.,andtherevaluationin
Frenchfrancsoftheinterventionstocksestimatedat8millionu.a,shouldbe
deductedfromthatamount.Itshouldbenotedthattheproposedmeasure,inline
withthefloatingoftheFrenchfranc,willprecludeordelaytheintroductionof
monetarycompensatory amountsintoFrenchtrade.Owingtothestructureof
Frenchtrade,thepossibleapplicationofmonetarycompensatory .amountswill
resultinrevenuewhichwillbedeductedfromotherEAGGFexpenditure.
b)Revenue:Theeffectofthe1.42$doublerateontherevenuefromleviesand-
contributions inFrance(78millionu.a.)willresultinadditionalrevenueof
1millionu.a.
6.1Cantheprojectbefinancedfromappropriations enteredintherelevant
chapterofthecurrentBudget?
Yes EK(inviewofthenegligibleeffect)
"befinancedbyatransfer^betweenchaptersoftha--ettrrgnT^Budge^
6.3V/illa_S]^ji«iBTrnfaxy –Budgetbeneeded ■Ypg""""Wa_
6.4Arethereappropriationstobeenteredinfuturebudgets?Yes