ARCHIVES HISTORIQUES
DELACOMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (74)1444
Vol.1974/0233

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amended byRegulation (EC, Euratom) No1700/2003 of22September 2003 (OJL243,
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COMMISSION OFTHE EUROPEAN COMMUNITIES
COM(74)1444 final
Brussels ,6September 1974
Proposal for a
REGULATION (EEC )OFTHE "COUNCIL
fixing anew representative exchange rate tobe
applied inagriculture for thepound sterling
and the Irish pound
(submitted totheCouncil bytheCommission )
C0M(74 )1444 final

UnrQViaod translationVÏ/2769/74-E
Proposal fora
REGULATION (EEC )OFTHECOUNCIL
fixing anewrepresentative exchange rate to "beapplied in
agriculture forthepound sterling andtheIrish pound .
THECOUNCIL OPTHEEUROPEAN COMMUNITIES ,
Having regard totheTreaty establishing theEuropean Economic Community ;
Having regard toCouncil Regulation No129 onthevalue oftheunit of
accouiit andtheexchange rates tobeapplied forthepurposes ofthecommon
(2)agricultural policy ,aslast amended byRegulation (EEC)NO2543/73 ,
andinparticular Article 3thereof ;
Having regard totheproposal from theCommission ;
Having regard totheOpinion oftheEuropean Parliament ;
Whereas Council Regulation (EEC)No222/73 of31January 1973 ,asamended
byRegulation (EEC)No5^0/73 andCommission 'Regulation (EEC)NO270/73^*^
of31January 1973 fixed exchange rates tobe'applied inagriculture forthe
currencies ofthenewMember States ;
Whereas these rates were fixed with theaimofreflecting economic realities
asclosely aspossible ;whereas this aimisnotatpresent being achieved
inthecase oftheUnited Kingdom andIrish currencies ;whereas theexchange
rates actually recorded forthese twocurrencies onexchange markets have
shown adepreciation ofthepound ofuptoabout 15$since that time ;
Whereas itisintheCommunity 'sinterest toreturn toasingle price system ;
whereas this aimcanbefurthered Tyfixing forthetwocurrencies inquestion
anewrepresentative rate which more closely reflects current eoonomio •
realities ; .
(1)OJNo106 ,30.10.1962 ,p.2553/62
(2)OJNoL263 ,19.9.1973 ,p.1
(3)OJNoL27,1.2.1973 ,p.4
(4)OJNoL55,28.2.1973 ,p.5
(5)PJNoL30,1.2.1973 ,p.77

VI/2769/74-œ
-2-
Whereastheproblems raised "byanyalteration oftherelationship between
theunitofaccountandanational currency haveledtopreciserules
beinglaiddown,inparticular inCouncilRegulation (EEC)NO1134/68
ιof30July1968layingdownrulesfortheimplementation ofRegulation
(ESC)Mb653/68onoonditions foralterations tothevalueoftheunit
ofaccountusedforthecommonagricultural policy;whereasthese
provisions dealonlywithalterations totheparityofacurrency ;whereas
theycouldalsobeappliedinthepresentcase;
WhereastheMonetary Committee willbeconsulted onthefixingofthenew
representative ratesandwhereas,inviewoftheurgencyofthesituation ,
themeasures providedforshouldbeadoptedsubjecttotheprovisions of
Article3(2)ofRegulation No129;
HASADOPTED THISREGULATION :
Article 1
1.Wheretransactions tobecarriedoutinpursuance ofinstruments
relatingtothecommonagricultural polioy,orspecifioruleslaiddown
underArticle 235of"theTreaty,requirethecurrencies ofthenewMember
Statestobeexpressed inaiother currency orinunitsofaccount ,the
exchangeratetobeappliedfortheconversion ofpricesandotheramounts
fixedbytheCounoilshall,inderogation fromArtiole2(l)of
Regulation No129,bethatwhichcorresponds totherepresentative rates
forthecurrencies ofthoseMemberStateB.
2.Therepresentative ratesreferredtoinparagraph 1shallbe:
(a)fortheDanishKroner:
thecentralrateforthatcurrency ;
(b)forthepoundsterling andtheIrishpound:
1pound=2.00unitsofacoount.
Article2
Theprovisions ofRegulation (EEC)NO1134/68regardingthealteration
oftherelationship betweentheparityofthecurrency ofaMemberState
andthevalueoftheunitofaocountshallapplyinrespeotofalterations
totherepresentative rateforthepound.
(6).OJ-.NoL62,-8.3.1973 ,P.15

VI/2769/74-E
-3-
Article 3
Regulations (EEC)NOS222/73AND-270/73shall "berepealed \'
Article 4
1.ThisRegulation shallenterintoforceon1Ootober1974*
2.AsregardstheMemberStatesreferredtoinArticle 1therepresentative
rateshallceasetobeapplicable tothecurrency ofanyoneoftheseStates,
assoonasthatStatecommunicates anewparvaluetotheInternational
Monetary Fund.
ThisRegulation shallbebindinginitsentirety anddirectlyapplicable
inallMemberStates.
DoneatBrussels , PortheCouncil
ThePresident