ARCHIVESHISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(76)123
Vol.1976/9006

Disclaimer
Conformément aurèglement(CEE,Euratom)n°354/83duConseildu1erfévrier1983
concernantl'ouvertureaupublicdesarchiveshistoriquesdelaCommunauté économique
européenneetdelaCommunautéeuropéennedel'énergieatomique(JOL43du15.2.1983,
p.1),telquemodifiéparlerèglement(CE,Euratom)n°1700/2003du22septembre2003
(JOL243du27.9.2003,p.1),cedossierestouvertaupublic.Lecaséchéant,lesdocuments
classifiésprésentsdanscedossierontétédéclassifiésconformément àl'article5dudit
règlement.
InaccordancewithCouncilRegulation(EEC,Euratom)No354/83of1February1983
concerningtheopeningtothepublicofthehistoricalarchivesoftheEuropeanEconomic
CommunityandtheEuropeanAtomicEnergyCommunity(OJL43,15.2.1983,p.1),as
amendedbyRegulation(EC,Euratom)No1700/2003of22September2003(OJL243,
27.9.2003,p.1),thisfileisopentothepublic.Wherenecessary,classifieddocumentsinthis
filehavebeendeclassified inconformitywithArticle5oftheaforementioned regulation.
InÜbereinstimmung mitderVerordnung(EWG,Euratom)Nr.354/83desRatesvom1.
Februar1983überdieFreigabederhistorischen ArchivederEuropäischen
Wirtschaftsgemeinschaft undderEuropäischen Atomgemeinschaft (ABI.L43vom15.2.1983,
S.1),geändertdurchdieVerordnung(EG,Euratom)Nr.1700/2003vom22.September2003
(ABI.L243vom27.9.2003,S.1),istdieseDateiderÖffentlichkeitzugänglich.Soweit
erforderlich,wurdendieVerschlusssachen indieserDateiinÜbereinstimmung mitArtikel5
dergenanntenVerordnungfreigegeben.

COMMISSION
OFTHE
EUROPEAN COMMUNITIES
Secretariat
COMMUNICATION FROMTHECOMMISSION TOTHECOUNCIL
ontheproblemsraised,"bytheapplication ofthe
unitofaccounttotheCommunities' 'budget
CQM(76)123finalBrussels,24March197°
:f:
CONFIDENTIAL
COM(76)123final

COM(76)123 final -E
CONFIDENTIAL
Communication from theCommission tothe Council ontheproblems raised "bythe
application oftheEuropean unit ofaccount tothe Communities' budget
1.Legal basis
(a)Pursuant toArticle 10(l )oftheFinancial Regulation of25April 1973
applicable totheGeneral Budget oftheEuropean Communities ^thevalue
oftheunit ofaccount inwhich thebudget shall bedrawn upshall be
0.88867088 grammes offine gold .
(b)Article 27oftheFinancial Regulation provides that thefinancial
contributions from theMember States expressed inunits ofaccount shall
beconverted into therespective national currencies onthebasis ofthe
relationship existing onthedayoftheir payment between theweight of
fine gold contained inaunit ofaccount andtheweight offine gold
corresponding totheparity value ofeach ofthose currencies .
(c)Inthe *event ofachange intheparity ofthecurrency ofaMember State
inrelation totheunit ofaccount ,theCommission may ,under Article 10(2 )
oftheFinancial Regulation ,submit totheCouncil ,within twomonths of
such change inparity apreliminary draft ofanamending budget adjusting
theappropriations expressed inunits ofaccount ,andtherevenue .
(d)Thedefinition oftheparity oftheunit ofaccount used forthebudget
oftheEuropean Communities may only bechanged byamendment ofthe
Financial Regulation oftheEuropean Communities bydecision ofthe
Council ,acting unanimously onaproposal from theCommission .
2.Thedeclared parities
Thelatest gold parities declared totheInternational Monetary Fond aregiven
inthefollowing table ;thetable also shows thedate onwhich they were
declared .
Value Date
Bfrs/Lfrs 1u.a .«•50 22September 1949
21November 1967
27October I969
7March I96I
10August 1969
30March i960Dkr
DM
F1
FF
Lit1u#& «*7*5
1Ú.a .■3.66
1U.a .a3.62
1m.a.» 5.55419
1u.a .s625
b(sterling
andIrish ) 1u.a .-O.4I6667 18November 1967
10JNoL116,1May1973

COM(76)123final-E
CONFIDENTIAL
3.Adjustmentofparitiesandratesofexchange
(a)Thesystemdescribedabovehadsomemeaningaslongasgoldparitieswere
inlinewithactualexchangerates.Theformergoldparitieshave,
however,meanwhilelostanyrelationtothemarketrates,followingthe
adoptionofcentralratesand/orageneralfloatingofcurrencies.
(b)Thefactthatinrespectoftheconversionoftheunitofaccountinto
nationalcurrencies,noaccounthasbeentakeoftrendsintherateson
theexchangemarkethasledtoadistortionintherelationship between
thevariousnationalcurrencies whenconvertedviatheunitofaccount.
(c)Hadtheinternational monetarysystemsetupbytheBrettonWoodsAgreement
remainedunchanged,eachMemberStatewouldhavebeenabletoavoidsuch
distortions bydeclaringanewparitytotheInternational MonetaryFund.
Thiswouldhavemeant,underArticle27oftheFinancialRegulation,that
theunitofaccountwouldbeconvertedintothenationalcurrencies on
thebasisofthenewparitywhichwouldcorrespondtotheactualmarket
situation.Insuchacase,theCommissionwouldhavesubmittedtothe
Councilapreliminarydraftoftheamendedbudget,pursuanttoArticle10(2)
(d)However,theagreementreachedbytheInterimCommitteeoftheIMFatits
meetingfrom7to9January1976inKingstonwill(ifitisratifiedby
themembercountries)legaliseanewsystemofexchangerates(central
rates,concertedfloatingandfreefloating)whichhasbeenusedextensively
todate.TheCommissionitselftookactionregardingthetrendinthe
monetarysituationwithoutawaitingtheoutcomeoftheinternational
negotiations theninprogress,informingtheCouncilon17Novemberoflast
yearofitsdecisiontoproposetheapplicationoftheEuropeanunitof
account(E.U.A.)totheCommunitybudgetfrom1January1978.
4.NewsituationcreatedbytheEuropeanUnitofAccount
InitsCommunicationtotheCouncilof13December1974*»"theCommission
describedanewEuropeanunitofaccountlinkedtoabasketofcurrenciesof
theMemberStatesthevalueofwhichconstantlychangedinrelationto
fluctuations intheexchangeratesofthesecurrencies.Sincethenthenew
EuropeanunitofaccounthasbeenadoptedbytheEuropeanInvestmentBankand
intheLomSConventionwiththeACPcountries(CouncilDecisionof21April1975
onthedefinitionandconversionoftheEuropeanujiitofaccountusedfor
expressingtheamountsofaidmentionedinArticle42oftheACP-EECconvention
ofLomS^);itwasalsoadoptedfortheECSCbudget(CommissionDecisionof
18December1975)witheffectfrom1January1976.
COM(74)2105final2.
20JNoL104,24April1975,p.35.

-3-C0M(76)123final-E
COHFIDEÏÏTIAL
TheCommissionhasalreadyannouncedthatitwillpresentproposalsonthe
adoptionofthe"basketunitofaccountforotherfieldsofactivitiesindue
course•
Thesituation "beforeandaftertheapplication oftheE.U.A.totheCommunity
"budget
(a)ThetablesgivenintheTechnicalDocumentationdistributedlastDecember*
reveal,inthelightoftheexchangeratescurrentlyadopted,thatthe
problemistemporary.
(b)ThedifferencebetweenthefinancialcontributionofaMemberStateif
thebudgetaryunitofaccountweremaintainedandthatiftheEuropean
unitofaccountwereappliedwouldbewellunder1%(asfrom
,1January1978)formostoftheMemberStates.Theapplicationofthe
E.U.A.fromthisdatewouldthereforenotposeanyparticularproblem.
(c)Ifnationalcurrenciescontinuedtobeconvertedintobudgetaryunitsof
accountonthebasisoftheparitiesdeclaredtotheInternational Monetary
Fund,insteadofonthebasisoftheEuropeanunitofaccount,this
wouldresultinanumberofdistortionsfortheperiod1975-1977 *The
mostserious(onthebasisoftheexchangeratesusedbeforetheendof
1975)wouldbe:
(1)theUnitedKingdom'scontribution wouldbe39«46$lower,i.e.£133
millionin1975;
(2)theshareoftheFederalRepublicofGermanywouldbeYJ,2Of0higher,
i.e.DM1266millionin1977;
(3)Italywouldhavetopay27.8%less,i.e.Lit225000millionin1976.
(d)Ifthesystemofconversionofnationalcurrenciesischangedandthe
EuropeanunitofaccountadoptedfortheCommunitybudget,thehigher
contributions describedabovewillbecomecorresponding reductionsandthe
reductionswillturnintocorrespondingly highercontributions .This
wouldmeanin1976and1977alargeincreaseinthenationalcurrency
contributions ofcountrieswithdepreciating currencies.
(e)Asfarasexpenditureisconcerned,thereadjustmentofthebudgetaryunit
ofaccountwouldhaveadirecteffectonthesectorswherebenefitsto
MemberStatesaredefinedbydefinedamountsexpressedinbudgetaryunits.
Thisisparticularly thecasefortheRegionalFund:

COM(76)123final-E
-4- CONFIDENTIAL
iftheEuropeanunitof.accountwereusedfortheRegionalFund,thoseMember
Stateswithdevaluedcurrencieswouldreceivehighersubsidiesasexpressed
inthenationalcurrency,whilstthoseMemberStateswithrevaluedcurrencies
wouldreceiveless.Thusdistortionsinrevenuewouldbepartiallybalanced
byexpenditure,hutnotcompensated.Fdrfurtherdetails,pleasereferto
Columns8and9ofsummarytableNo1andtothecommentsinthe"Technical
Documentation"•
-IftheEuropeanuiitofaccountiereadopted,theapplicationoftheadjustment
mechanismwouldhaveaspecialcompensatingeffectinthecaseoftheUnited
Kingdomwhereitwouldconsiderably reducetheadditionalpaymentsinnational
currency.Forfurtherdetails,seethe"TechnicalDocumentation relating
totheBudgetaryUnitofAccount".
-Asregardstheagricultural policy,theCommissionhasnotedthatsomeMember
Stateshavetakenadvantageofadifferencebetweentheir"greenmoney"and
theBudgetary ofaccount.TheCommissionisitselfinvestigating the
possibilityofapplyingtheEuropeanUnitofAccounttothecommon
agricultural policy.
DateofapplicationoftheEuropeanUnitofAccounttotheBudgetofthe
EuropeanCommunities
Thedistortionsnotedinrevenuewillbeconsiderably reducedfrom1978and
almostcompletelydisappearin1980asregardstransfersinnationalcurrencies
totheCommunityBudget.
ThedefinitiveapplicationoftheOwnResourcesystemfromthesedates,pursuant
tothedecisionof21April1970,impliesdiscontinuing therelativesharesso
farinforce.Intheinterveningperiod,thedistortions mentionedinthe
TechnicalDocumentation willcontinue,butapplyingtheEuropeanUnitofaccount
totheCommunityBudget "before1January1978wouldmeanfartoosharpan
increaseinthepaymentsmadeinnationalcurrencyforthosecountriesthat
havedevaluedtheircurrency.
Thechangeoverfromoneunitofaccounttotheotheralsobringswithit
technicaldifficulties whichneedtimeto"beironedout,particularly :
.amendingtheFinancialRegulationandthetextofotherregulations ;
.determining proceduresforapplyingtheEuropeant(nitofaccountonthebasis
ofwhichtheBudgetwouldbeadoptedandimplemented.Thisparticularly
involvesthecategoriesofexpenditurelimitedtoacertainmaximumorthose
forwhichfixedsumshavebeenprovided:

-5- C0M(76)123 final -E
CONFIDENTIAL
.amending Council Regulation (EEC)Ho2/71of2January 1971 ?
.adoption oftheabove amendments "bytheEuropean Parliament andtheCouncil .
7.Commission proposal
Inview oftheabove analysis ,theCommission proposes that theEuropean Unit
ofAccount should beapplied totheCommunity Budget from 1January 1978•
TheCommission undertakes tosubmit thenecessary texts by31July 1976
sothat thedeadline of1January 1978 canbemet .Theproposal forthe
revision oftheFinancial Regulation will besubmitted byMay1976 .
8.Comments onthetransitional measures having theeffect ofreducing
contributions
Inthereport of17November 1975 totheMinisters ofFinance meeting asthe
Council ,theCommission hadproposed that thepossibility ofadopting ,
transitional measures having theeffect ofreducing contributions sothat •.
Member States' contributions would gradually beadjusted tothedefinitive
level ,should bestudied .
Continuing this line ofthought ,theCommission feels that thepossibility of
bringing forward thedate ofapplication oftheEuropean Unit ofAccount
should beexamined inthelight oftheendresult sought inthedecision of
21April 1970 andtheTreaty ofAccession .
13yinstituting theOwnResource system ,byproviding foratransitional period
during which these resources were transferred ,byintroducing "dynamic brakes ",
byresorting toascale ofcontributions tobeapplied inanemergency ,and
then aOTPscale tocounteract possible delays inharmonizing theVATbasis ,
thedecision of21April 1970 deliberately sought toachieve acertain degree
offinancial equilibrium between themembers oftheCommunity .
Inthemeantime theeconomic factors onwhich ,among others ,theabovementioned
texts were based ,have altered since those texts were adopted ;this development
ispartly reflected inchanges intheexchange rate .
TheCommission feels that theunit ofaccount cannot bealtered without taking
into consideration thechanges inthefactors which were thebasis ofthe
equilibrium sought atthetime .
TheCommission therefore undertook asimulation ofthebudget ,bringing forward
thedate ofapplication oftheEuropean Unit ofAccount tothe1977 Budget ,
andleaving outthe"relative shares "(seeTables andcomments intheAnnex ).

-6- C0M(76)123final–E
CONFIDMTIAL
Undertheconditionsdescribedabovethefinancialcontribution ofeachMemberState
toabudgetof7400mu.a.wouldbeasfollows:
CountryPresentunitofaccount
(IMPrate)E.U.A.
18March1976
íntherespectivenationalcurrencies (millions)
Belgium 23000 20515
Denmark 1274 1144
Germany 7289 7053
Prance 8339 8413
Ireland 19 23
Italy 751279 794603
Luxembourg 504 483
Netherlands 2197 2201
UnitedKingdom 592 645
Theabovefiguresdonottakeaccountoftheeffectsproducedontheexpenditure
sideoftheCommunityBudgetundertheconditionsdescribe^,above.Thegeneral
effectwouldbetoreducethedifferences thatwerenoted*
Conclusions
Inthelightoftheaboveanalysis,andtakingintoaccountthedifferencesthat
werenotedaswellasthetechnical,legalandinstitutional difficulties raised
byintroducingsolutionswhichwouldhavetheeffectofreducingcontributions
foroneyear,theCommissiondoesnotfeelthatproposings®chsolutionswould
beappropriate.
Annex
*SeetheTechnicalDocumentation mentionedabove

'COfMIEL
ANNEX
1.This annex sets outdetailed information underlying theanalysis presented
inthe text .
2.Anearlier paper v'communicated bytheCommission totheCouncil set
outthedifferences forthe1976 budget ofapplying ,first ,thepresent
budgetary unit ofaccount ,and ,secondly ,theEUA atthemarket exchange
rates of10July 1975 *?h*results were ,asisgenerally appreciated ,signi­
ficantly different .
3.Inorder tojudge whether transitional measures should beproposed for
1977t theCommission hasundertaken anumber ofsimulated calculations to
seehowthese first andsecond setofresults compare with theresults
obtained bysimulating anadvanced application oftheOwnResource Decision ,
still taking into account ,however ,the provisions oftheTreaty of
Accession .Themerit ofthecomparison forpresent purposes isthat the '
OwnResource system isnotvulnerable toaccounting orequity distortions
when used with aunit ofaccount ,such astheE.U.A. ,which isalways in
line with market exchange rates .Thecomparison isalso intended toshow
whether thechanges implied inadopting theE.U.A. in1977 would lead toa
smooth ,oradiscontinuous year-to-year progression intherelative payments
ofindividual member states .
4«FortheSixoriginal member states asimple comparison for1977 canbe
made between ,ontheonehand t.thereal (market exchange rate )value ofthe
twobudgetary calculations referred toinparagraph 2,and ,ontheother
hand ,thepayments that each state would have made ifthedefinitive OwA
Resource regime (duetoenter into effect in1978 )wasalready inapplication
in1977 .
(l)Technical Documentation ontheBudgetary Unit ofAccount
26th November 1975

CUfiÛEiWEL
5*FortheThree newmember states thesituation issomewhat diiidWJHl , ,,J
since for1977 theTreaty ofAccession hastheeffect that thepayments of
each state should (approximately )reach thoroference oharos opocificd in
theTreaty (19.325& fortheUnited Kingdom ,2.46 %forDenmark ,and0.61 %
forIreland)l^The Treaty thenprovided thatthese countries' contributions
should proceed intwofurther annual steps (of2/5th)towards theoutcome
ofthedefinitive OwnResource system .Thereference shares were infact
thenewmember states *GNPshares atthetime oftheaccession negotiations *
For thepurpose of .thepresent simulations for1977 these reference shares
fortheThree newmember states have been adapted inthelight ofsubsequent
exchange rates changes andother economic developments affecting GNPshares .
Thefigures used inthesimulation are ,therefore ,current forecasts ofthese
(2)countries *GNPshares in1977 *atpresent market exchange rates . Theuseof
Qthese revised reference shares inturninfluences theresults ofthesimu­
lation fortheSixoriginal member states ,since theSixhave todistribute
between themselves (onthebasis oftheir OwnResource capacities )that
part ofthebudget notcovered bytheThree 'scombined GNPshare .
6.Theresults ofthese simulations aregiven inTable 1.Toaidcompari­
sonsthebudget total isassumed tobe^7«4 mrd.U.A. ,asintheearlier Techni­
calDocumentation .Themarket exchange rates fortheEUA ,however ,arethose
ofl8th March 1976 (whereas theearlier paper used those of10th July 1975 )*
7.Table 1gives results forthethree versions ofthe1977 budget ,
-inColumns 1and 2the 'nochange budget '.Thepresent budget unitO ofaccount withitsIMF-parity exchange rates isassumed tobestill
inapplication .Column 1shows the 'apparent' results interns of
budgetary units ofaccount ,while Column 2shows their 'real' value
when converted into E.U.A. (Theconcepts here arethesame asthose
used intheearlier Technical Documentation ,Table 1,Lines 1and2.)
-inColumn 3the simulated budget making anadvanced application ofthe
OwnResource system (called below the'advanced application budget' ).
This budget uses theE.U .A*under assumptions desoribed inparagraphs
3-5above .
(1)More precisely ,payments in1977 showed notexceed 92$ofthereference shares
modified bythe "dynamic brakes ,which ,forexemple ,gives fortheUKthe19,24 /^
shown inTable 1(cols .1and4)
(2)See ,however ,Notes toTable 1,asregards Denmark .

-3-. CGSiFIflEN.IEL
-mColumn4the'simplechange "budget'.ThisalsousestheE.U.A.
insteadofthepresentbudgetUnitofAccount,butwithoutanyasso­
ciatedadaptationofthe"budgetformula;i.e.thebudgetformula
remainsexactlyasitwasforthe'nochangebudget'.
-inColumn5thedifferencebetweenthe'advancedapplicationbudget'
andthe'nochangebudget'(Column3lessColumn2).
8.Thegeneralfinding,particularlyforthelargermemberstates,isthat
theresultsforthe'advancedapplicationbudget'tendtobeconsiderably
closertothoseforthe'nochangebudget'thantothoseforthe'simple
changebudget'.
9.Comparedtothe'nochangebudget',the'advancedapplicationbudget'
wouldentailfortheFederalRepublicofGermanypaymentslowerbyabout
threeperoent(or83mill.E.U.A.,or236mill.DM)thanthe'nochange
budget'.ForItalythe'advancedapplicationbudget'wouldentailpayments
higherbyaboutsixpercent(or44mill.E.U.A.,or43mrd.Lire)thanthe
'nochangebudget*.FortheUnitedKingdomthepaymentswouldbehigherby
aboutninepercent(or91mill.E.U.A.,or£53mill.).Francewouldalso
payalittliemore,nearlyonepercent(14mill.E.U.A.,orfr74mill.),
underthe'advancedapplication budget*.TheNetherlands wouldpaythesame
amountunderthe'nochangebudget'asunderthe'advancedapplication budget*.
10.TheBelgiancaseisexceptionalinthatthe'advancedapplication
budget*givesaresultclosetothatforthe'simplechangebudgot',either
ofwhichwouldentailsignificantly lowerpaymentsthanthe'nochange
budget'.Thisisbecauseofthecoincidencethattheundervaluation ofthe
Belgianbudgetaryunitofaccounts'exchangerate(whichdeterminesthe
differencebetweenColumns2and4)hasbeenofthesameproportionate order
ofmagnitudeastheexcessofBelgium'spaymentsunderthepresentbudgetary
systemoverwhattheywillbeundertheOwnResourcesystem(i.e.thediffe­
rencebetweencolumns2and3)«

TABLE1–-4»
Simulated .Distribution oftheFinancingoftheCommunityBudgetin1977
1* 2» 3* 4*COMFiuENilEL
BudgetUnitofAccountsystem .EuropeanUnitofAccountsystenDifference
col.3less
col.5
(i.e.degree
of'real'Present
budget
formulaAdvancedapplication
"ofdetlnltivfi"6vm
resourcesystemUnadapted
budget
formula
Apparent
valueof
payments
.in%B.U.A.Real
valueof
payments
inE.U.A.,
nat.curr.Real
valueof
payments
in%,E.U.A.,
nat.curr.Real
valueof
payments
in%,E.U.A.,
nat.curr.distortion
incol.2)
inE.U.A.,
Belgium
1.Percentageshare
2.Hill,unitsofaccount
3·Mill,nationalcurrency6.21
460
23,0007.O9
525
23,0006.31
467
20,5156.25
462
20,295-58
.Denmark
Percentageshare
•Mill,unitsofaccount
3*Mill,nationalcurrency2.28
169
1,2742.47
183
1,2742.26
167
1,1442.26
167
1,144-16
Cerraany
1.Percentageshare
2.Mill,unitsofaccount
3«Mill..nationalcurrency26.99
1,997
7,28934.65
2,564
7,28933.52
2,481
7,05326.99
1,997
5,677-83
Prance
1.Percentageshare
2.Mill,unitsofaccount
3.Mill,nationalcurrency20.30
1,502
8,33921.34
1,579
8,33921.52
1,593
8,41320.37
1,508
7,959♦14
Ireland
1.Percentageshare
2.Hill,unitsofaccount
3.Mill,nationalcurrency.61
45
19.42
31
19..··..··54.
"'·40·.""·
23•53
43
25*9«
Italjr
1.Percentageshare
2.Mill,unitsofaccount
^^Mill.nationalcurrency16.13
1,194
751,27910.31
763
751,27910.91
807
794,60315-54
1,150
1,132,334♦44
Luxembourg
1.Percentageshare
2.Mill,unitsofaccount
3.Mill,nationalcurrency.12
9
504.17
12
504•15
11
483•15
11
483-1
Netherlands
1.Percentageshare
2.Mill,unitsofaccount
3.Mill,nationalcurrency8.09
599
2,1979.85
728
2,1979.85
728
2,2018.62
638
1,9260
UnitedKinutfoiii
1.Percentageshare
2.Mill,unitsofaccount
3·Mill,nationalcurrency19.24
1,424
59213.72
1,015
59214.94
1,106
64519.24
1,424
829♦91
E.C.Total
1.Percentageshare
2.Mill,unitsofaccount
3.Mill,nationalcurrency100
7,400100
7,400100
7,400100
7,400 D
Forexplanations sectextan1notes
Columns 1and.2:'nochangebudget1
Column3:'advancedapplication budget1
Colu/nn4:'simplechanrebudget*

NOTESTOTABLE1
1.ThefollowingdatashowexchangeratesfortheB.U.A.(BudgetaryUnit
ofAccount)andB.U.A.(EuropeanUnitofAccount'basket')*TheB.U.A.and
E.U.A.datafor18*3.76havebeenusedinTable1;theE.U.A.datafor
10.7.76wereusedintheearlierTechnicalDocumentation andarereproduced
hereforcomparison.
Exchangerates
B.U.A. E.U.A. E.U.A.
10/7/75 18/3/76
Β 50 45*4431 43.9296
DK 7*5 7.05505 6.85302
D 3*66 3.04469 2.84269
F 5*55419 5.23846 5.28144
IHL - O.416667 0.572909 0.582775
I 625 808.524 984*638
L 50 45.4431 43.9296
NL 3.62 3.14830 3*01884
UK O.416667 0.572909 O.582775
2.Thesimulatedownresourcesystemincolumn3usestheGNPkey(current
projectionsfor1977basedon18.3.76exchangerates)insubstitutionforthe
VAT.
3.ForDenmarkin1977thedefinitive ownresourcesystemisprojectedto
givealowerlevelofpayments(2.26$ofthetoted)thanthereferenceshare
undertheTreatyofAccession(2.46%)tandsotheformerisusedincolumns
3and4*