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COM(76)569
Vol.1976/0174

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COMMISSION OFTHEEUROPEAN COMMUNITIES
COM(76)569 final
Bruxelles ,21October197^
PROPOSAL FORACOUNCIL REGULATION (EEC)'
V < •
•t,;t
I'k*
^y\
)
amendingRegulation (EEC)No557/76asregard .atheexchange
ratetobeapplied,intheagricultural sector,forthe
/ \■ . ■Danishkroner
y
■ ■ ■.I ■
(Submitted "bytheCommission totheCouncil)
/

EXPLANATORY MEMORANDUM
CouncilRegulation (EEC)Sfo557/76of15March1976ontheexchangeratft&
applicable intheagricultural Beetor(seeOJNoL67of15March1976,page1)
fixedarepresentative ratefortheDanishkroner,whichcorresponded toth«
censra ?.rateforthiscurrency .
iï
On17October 1976GermanyandDenmarkdecidedtochangethecentralr&t
fortheircurrencies .Witheffectfrom18October 1976,,theDeutschema?'-*' ;;
wanrevalued upwardsby2%andtheDanishkronerwasdevalued "by4/'»'
Bytelexof18OctoberDenmarkaskedtheCommission totakethenec.0B3ary ■
measurestoadjusttherepresentative rateforthekroner,toavoi'i •\
introducing monetary compensatory amounts(m.c.a.)forDenmark. "
Asthegreenrateandthecentralrateforthekronerhavesofarcoincide# .j;'r
r*
no wasapplicable toDenmark ;furthermore thatcountrywas,because.-
cfthissituation ,theonlyMemberStatewherethepricelevelcorresponded
tothe"coimaculevel".
However ,following thealteration ofthecentralrate,monetary couipei7ae.tory
amountshave "beenintroduced asfrom20October 1976;theyhavebeencalculated
onthebasisofadifference of4®2.
ItisproposedtomeettheDanishrequestandaltertherepresentative ratefor
thekroner ,,sothatitisthesameasthecentralrate. ;
Thefollowing tableshowstheeffectsoftheproposed measure ?
Exfeeta
loneorrate newrata deval.onprices •onn»oC.a.
in%in% iapointe
JJicr1o„131956u.a.Dkr1«0.126
Uo&t4 .+4^167 -4-2*
1u.a,<=7.57826Dkr 1u.a,«7.89407
Dkr
Them.c»a.currentlyappliedwilldisappear withtheentryintoforceofth«
ruvwrepresentative rate ™

COUNCIL REGULATION (EEC)NO /76
of
amending Regulation (ESC)NO557/76ASregards the
exchange rate tobeapplied ,intheagricultural
sector ,fortheDanish kroner
THECOUNCIL OFTHEEUROPEAN COMMUNITIES ,
Having regard totheTreaty establishing theEuropean Economic Community ,
Having regard toCouncil Regulation No129onthevalue oftheunit ofaccount
andtheexchange rates to "beapplied forthepurpose ofthecommon agricultural
1- ..-~-../_-_Ä\w-I-Jd.policy ,aslast amended "byRegulation (EEC)No2543/73 t inparticular
Article 3thereof ,
Bs;vi.ug regard totheproposal from theCommission ,
Wfcersae Council Regulation (EEC)No557/76of15March 1976ontheexchange
rates tobeapplied inagriculture andrepealing Regulation (EEC)No475/75^»
aplastamended byRegulation (EEC)No2423/76^,fixed arepresentative rate
fortheDanish kroner ;whereas inview ofthetrend ofthat currency itis
advisable tofixanewrepresentative rate more inline with economic
reality ,andwhereas this rate should beapplied inprinciple onthedates
when prices arechanged ;
Whereas theMonetary Committee will beconsulted andwhereas ,because they
areurgently needed ^themeasures envisaged should beadopted intheconditions
provided forinArticle 3(2)ofRegulation No129,
RkS ADOPTED TKI3 REGULATION :
Article 1
Thefollowing shall besubstituted forArticle 2(l)(b )ofRegulation (EEC)No557/76:
"(b)fortheDanish kroner :
Dlcr 1■0.126677 unit ofaccount ;"
• HIH-WIIMWIW – tammmm –
'OJNo106,30.10.1962 ,p.2553/62
^CJlíoL263,19*9-1973 ,p.1
¿OJNoL67,15.3.1976 ,p.1
40JNoL274 ,6.10.1976 ,p»1

Article 2
Thefollowing paragraph shall "beaddedtoArticle2ofRegulation (EEC)No557/76
"3®Therepresentative ratefortheDanishkronerfixed "byRegulation (EEC)No
shallbeapplicable from:
(a.)thedatesreferredtoinparagraph 2("b)and(o)fortheproductsmentioned
therein ; •••
(b)thebeginning ofthe1976/77marketingyearfortheotherproductsforwhich
themarketing yearhasnotcommenced on *»
(o) *inallothercases".
Article 3 ^
//'V;.'•\'ThisRegulation shallenterintoforceonthethirddayfollowing thedayofits
pubiicationintheOfficialJournaloftheEuropean Communities .
ThisRegulation shall "bebindinginitsentirety anddirectlyapplicable in
allMemberStates.
DoneatLuxembourg , FortheCouncil,
ThePresident
uafceoientryintoforceofthisRegulation .

FIMïîCIAL STATEMENT
DATE:20»10.1976
ioÆLSfl'iM ?BlSJQiSTKE'ADUGs13'[6sTitles6and7;1977?Chapter47
*»"""<ProposalforaCouncilRegulationamendingthe©xchangtratstobeappliedfortheBanishkronerinagriculture
I3oWDklrBASIS?.,,__ \
I 'Article3ofRégulation129 (
4*PvhPOSjiOFMEASURESAlterationoftherepresentative .rate"by/$>toallowforthe
no*~appli«wwi©a ofmonetaryoompensatox-y amowitsaswasthecase"beforetherecent
alteration .otth®centralrateforthekronerandaswasplannedinthe1976and
PJC>Budgets,
5*FISMCIAL
IOTUGATIOBB (dnalrate)is;mabk
YEARCUPJREÎITFIKMCIAL
YEAR1976POLMWIFJ ~~"
STFMCIAT,TEAR77
j5^0SXPEtTDITLÎRîS
"»out©:f$0Budget
I(rafuads/i&torvention)|15tøXt,&e, I1O»■£>.&.15œi3.«ao jj
3»jRECEIPTS
™-SOOwnHesources
(levies) 0^.3m.u.a»negligibleI
:
0·3κ'Λ^αο|
Yea>' ϊΛΑΤ».~~-jL^5arftoc*POi<•■e<
!
!5*0.1Mi!LflAff¥UALTIMETABLE FOP
iiXPMCITUKE
5*1.1MlrLTIjlîOiUALTIMETA3I£ FOR
RECEIPTS
>2MIS'ffiCQOPCALCULATION
•Byreftsre-icetothesituationexiciting"before20October1976,Thealteration
oftherepresentative ratewillinvolveadtialconversionrateeffectof4/L
On^the "baaxeofalevelofexpenditureof370mu.a.intwelve ,monthsthis
ej..fsct,aaiosmt®to15au»a.fandforreceipts,leviesandsubscriptions
{*-o13a,B,)to0«3au.a0
<**FIUMlCXmPOSSIBLEBYAPPROPRIATIONS E2IT33I<EDINTHEEELEV.ABTCII4PTEHOFTEE
CURBSHT .TBU.0Gîsr y-^
6.1
to,3APPEOP&TATI0N3TOEEESTEREDINFBTBREBUDGETS 1XS/N0
*MAJBKi3sDisregarding theapplication ,from20October1976ofai.c.a.sof4*2points.