ARCHIVESHISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(77)426
Vol.1977/0137

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COMMISSION OFTHEEUROPEAN COMMUNITIES
COM(77)426final
Brussels.30August1977
PROPOSALFORACOUNCILREGULATION (ESC)
amendingRegulation(EEC)No878/77asregardstheexchange
ratetobeapplied,intheagricultural sector,forthe
DanishKroner
(Submitted "bytheCommissiontotheCouncil)
COM(77)426final"

EXPLANATORY KEWORAJJDUM
CouncilRegulation(EEC)No«878/770**26April1977 "theexc^arv".
ratesapplicableinthoagriculturalsector(seeOJHoL106of29April
1977,P&so27aolastamendedbyRogulation(EEC)No17C£/77(WNoL18°,-
• •
29«7»1977 »p»7fixedarepresentative ratefortheDanishkroner,which
corresponded tothecentralrateforthiscurrency.
ν
J
t'n2dAdjust1977Denmark«\eoided'tochangethaoentralratefortheir
currency,devaluatingby"5'/</
/
r^nDArkhokedtheCommission$otakethenecessarymeasiireBtoadjustthe
ri!»pr*3*ntative rateforthekroner,toavoidintroducingmonetary
'Vcompensatory amounts forDehmark#
A»IhagreenrateandtheCentralrateforthekronerhavesofaxcoincided,
noto.o.a.wapapplicable'toDenmark;furthermorethatcountryva.s,because
ofthiasituation,thoonlyMemberStatewherethepricrtlevelcorresponded
tothe"commonlevel"*
ItiaproposedtomeetthoDanishrequestandaltertherepresentative rate
forthekroner,sothatitisthesameasthecentralrate.
»
Thefollowingtabloshowstheeffeotaoftheproposedmeasure:
t Effects
formerrate newrate .deval.onprice.sonm.i.a.
in%iny>inpoints
Dkr1-0,1^877 ,uaDkr1-0,"ll'6733ua
5+5,203-o
1u.a.-'8,13822Dkr1u.a.-8,56656Dkr-,

COUNCILREGULATION (EEC)No
of "-
amendingfU-gMIation(EEC)No regardstheexchangeratetobe
applied,intheagriculturalsector,fortheDanishkroner
'IHI;COUNCILOFTHEI-UKOPEAN
COMMUNITIES .
1Livingregardto(lieTreatyestablishingtheEuropean
EconomicCommunity , >
HavingregardtoCouncilRegulationNo129jnthe
valueottheunitofaccountandtheexchangeratesto
heappliedforthepurposeofthecommonagricultural
policy('),aslastamendedbyRegulation (EEC)No
2543/73(•).,mdinparticularArticle3thereof,
HavingregardtotheproposalfromtheCommission ,
WhereasCouncilRegulation(EEC)No^^of26
April19770,1tl,c«-"x«-'h»ngeratestobeappliedin
agriculture - ./v
('),asI.otamendedbyRegulation(EEC)No
1708/771')*arepresentative ratetheDanish
kroner;whereasthemovementofthis.currencyindi­
catestheadvisabilityoffixingan;">vrepresentative
ratewhichreflectsmorecloselytherealeconomicsitu­
ation;whereasthisrateshouldbeappliedinprinciple
onthedateswhenpricesarechanged;
WItereastheMonetaryCommitteewillbeconsulted;
whereas,inviewoftheurgencyofthematter,the
pioposedmeasuresshouldbeadoptedunderthe
conditionslaiddowninArticle3(2)ofRegulationNo
I.N,HASADOPTEDTHISREGULATION :
Artide1
In.Article2(1)ofRegulation(EEC)NoJ^oint
(b)shallbereplacedbythefollowing:
(b)fortheDanishkroner:
•"0,11673^°facc°unt:'
Article2
ThefollowingparagraphshallbeaddedtoArticle2of
Regulation(EEC)No878/77;
3Therepresentative ratefor|:hi?Danish
kronerasfixedbyRegulation(EEC)N(>.–
shallbeapplicablefrom:
(a)thedatesreferredtoinparagraph (d)and(e)
fortheproductsmentionedyhexcia;
(b)thebeginningofthe .ma/k^tingyear
fortheotherproductsforwhichthimarketing
yearhasnotcommencedby
(c) inallothercases.'.
Artide3
ThisRegulationshallenterintoforceontheday
followingitspublicationintheO/fiduJJournalu)
//><■I'.iiKipttinCoiiimuniIus.
ThisRegulationshallbebindinginitsentiretyanddirectlyapplicableinallMember
>Mtcs.
IXuwat
FortheCouncil
h»,\\\î«i.|wh2.p2S5Ï/62.
l*-.*p.I,«i aaA-i'ArtrrI»)OJNo
OlNo!Í06,29.-4.1977 »P«27»
,nojNO-l8o29.7.1977,P.7.

FINANCIAL STATEMENT b
DATE»29.9.1977
1.BUDGETLINSCOUCLTCiED >790
2.ACTION«ProposedCouncilRegulation,modifyingRegulation878/77insofarasit
relatestotherateofexchangetobeappliedintheagricultural sectorfor
theDanishCrown.
3.LECALBASIS»Regulation No.129
4.OBJECTIVES «Alignmentoftherepresentative rateoftheDanishCrowntothe
centralrateofthatcurrency.
5.FINANCIAL CONSEQUENCE
5.OEXPENDITURE
-CHARGEDTOTHEECBUDGET/INTERVENTI O.'.'S)FORTHEMARKETING YEARCURRENTFINANCIAL YEAR
(77)FOLLOWING FINANCIAL YEAR
f78)
(12months)
iCffectofthecLoublerate+25Mua· +6.Mua +25Mua
5.1RECEIPTS
–OXNRESOURCES OFTÜEEC
(LEVIES/AÆKKXXSMSPACnegLigible
iWStmiü:
YEAR.A9X9........YEAR1980YEAR
5.0.1PLURIA-VNUAI ,PATTERNOFEXPENDITURE
5.1.1PLURIANNUALPATTERNOKRECEIPTS+25Mua +25Mua
negligible
5.2KETiiODOPCALCULATION
Thepropositionwillavoidtheintroduction of.MCA'sintradewithDenmark.
Bythismeansthefinancialeffectislimitedtoanincreaseintheeffect
ofthedoublerateofabout5%onthevolumeofDanishexpenditureinthename
ofEAGGF-Guarantee .
Effecton12months;+25Mua
Effectonthe1977budgets(3/12)+6Mua
6.0FINANCINGPOSSIBLEWITHCREDITSINSCRIBEDINRELEVANTCHAPTEROFCURRENTBUDGET? ΥΕΞΪΕΧ
seks/OSÎX
atxaaL.iyxx JOSS&203C
6.3CR2DITSTOBEWRITTENINTOFUTUREBUDGES? YESÍSB:
COMMENTS 1