ARCHIVES HISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(78)33
Vol.1978/0013

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COMMISSION OFTHEEUROPEAN COMMUNITIES
COM(78)33 final.
Brussels ,23January 1978•
Proposal fora
COUNCIL REGULATION (EEC)
amendingRegulation (EEC)No878/77asregards
theexchange rateforthepoundsterling andthe
Italianliratobeappliedinagriculture
(submitted totheCouncil "bytheCommission )
COM(78)33final.

Vl/690/77
EXPLANATORY MEMORANDUM
U
CouncilRegulation (EEC)No878/77of26April1977ontheexchange
ratestobeappliedinagriculture (OJNoL106,29«4«77t P«27)aslast
amendedbyRegulation (EEC)No2840/77(OJNoL328,21*12.1977»P*l)
fixedtherepresentative ratestobeusedinagriculture ,inparticular for
theItalianliraandthepoundsterling .Thereisaconsiderable difference
betweentheserepresentative ratesandthecurrentmarketrates,withthe
resultthatthemonetary compensatory amountscurrently applicable are
calculated byreference toarateof24*4fortheItalianliraand29*2for
theUnitedKingdom(31*1formilk).Itshouldbementioned inthis
contextthattheUnitedKingdomhavetomakeafurtherdevaluation of2$>inrespect
ofmilk,totakeeffectfrom1April1978(Article3ofRegulation (EEC)
No877/77).
ItalyandtheUnitedKingdomhaverequested thattheCommission proposethe
measures required toadjusttherepresentative ratesfortheircurrencies ,by
6foand5$respectively ,Whichwouldenableareduction inthemonetary
compensatory amounts.
Inviewofthepresentdifference inexchangerates,itisproposedtoaccede
totheItalianandUnitedKingdomrequests andtoaltertherepresentative
ratesinquestion .
Thefollowing tablesshowtheeffectoftheproposed measures .Itis
proposedthattheUnitedKingdombringfrowardtothe1Februarythe2%
devaluation inthemilksectorwhichhadbeendeferreduntil1April197&.
1.Italianlira*
Oldrate Newrate Deval.xn
$Effect on
pricesxn
*m.c.a.'s
Γβάυσχιοη
οί"χ
Lit100»0.0970874 u.a.
1u.a.«Lit1,030.00Lit100»0.0912409
1u.a.=Lit11896.006,022 +6,408-7.6
x)calculated onthebasisofthedifference at20.1.iy<78 »
appliedrate:24«4?
currentratei25*9

2.Pound sterling :
Effect on
Old rate New rate Deval .in
*prices
in%m.c.a .'s
ΓββΛΙΟΐΐΟΠ
οί"χ
£1mI.70463 u.a .
1u.a .«£0.^86638(Cl«1.61940 u.a .
)1u.a.«£0.6175135 +5.263 6.5
x)calculated onthebasis ofthedifference at20.1.1978 *
applied rate »29*2 f
current rateï 30.7 .

COUNCIL REGULATION (EEC)No
of 1978
amendingRegulation (EEC)No878/77as
regardstheexchangerateforthepound
sterling andtheItalianliratobe
appliedinagriculture .
THECOUNCIL OPTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishing theEuropean Economic Community ,
HavingregardtoCouncilRegulation No129onthevalueoftheunitofaccount
andoftheexchangeratestobeappliedforthepurposes ofthecommon
1....._... /x„ /__2agricultural policy,aslastamendedbyRegulation (EEC)No2543/73»andin
particular Article 3thereof,
Havingregardtotheproposal fromtheCommission ,
WhereasCouncilRegulation (EEC)No878/77of26April1977»ontheexchange
ratestobeappliedinagriculture ^,aslastamendedbyRegulation (EEC)No
2440/77ffixedarepresentative rateforthepoundsterlingandtheItalian
lira,interalia;whereasthefluctuations inthesecurrencies makeit
appropriate thatanewrepresentative rateBhouldbefixedatalevelcloser
topresent eoonomioreality ;
Whereasprovision shouldbemadeinprinciple forthesenewrepresentative
ratestotakeeffectimmediately ,dueaccountbeingtaken,however,ofspecial
needsinsomesectors ;
WhereasArticle3ofRegulation (EEC)No878/77providesthatformilkand
milkproducts thedevaluation oftherepresentative rateofthepound
sterlingshallbecomeoperative intwostages,withafinalstagetakingeffect
from1April1978;whereasprovision shouldbemadetocombinethislatter
lateration oftherepresentative ratewiththatprovided forinthis
Regulation ;
WhereastheMonetary Committee willbeconsulted ;whereasinviewofthe
urgencyofthemattertheenvisaged measures shouldbeado;:p>dinthemanner
specified inArticle3(2)ofRegulation No129,
(1)QJNo106,30.10.1962 ,p.2553
(2)0JNoL263,19-9.1973,p.1
(3)0JNoL106,29.4.1977 ,P.27
(4)OJNoL328,2.12.1977 »P.1

-2-
HASADOPTED THISREGULATION :
Article 1
InArticle?(l)ofRegulation (EEC)No878/77,subparagraph (f)and(h)are
amended toreadasfollows :
w(f)fortheItalianlira: .
100lira-0.0912409 u.a.}
(h)forthepoundsterling :
£1-1.61940u.a.".
Article 2
Thefollowing paragraphisaddedtoArticle2ofRegulation (EEC)No878/771
"5*Therepresentative ratesfortheItalianliraandthepoundsterling,
fixedbyRegulation (EEC)No/78shallapplywitheffectfrom:
a)1August1978foreggs,poultry,ovalbumin andlactalbumin ;
b)16December 1970forwine?however,otherdatesmaybelaiddown
fordistillation operations !
c)1January1979forfisheryproducts ;
d)subjecttotheprovisions laiddownundere),fromthebeginning of
the1978/1979marketing eyarfortheotherproductsforwhichthe
marketing yearhasnotyetcommenced onthedayonwhichthis
Regulation enterintoforce}
e)thedateonwhichthisRegulation entersintoforcefor
-milkandmilkproducts,beefandvealandpigmeat }
–sugar,inthecaseofItaly}
-theadditional aidreferredtoinArticle1(2)ofRegulation
(EEC)No2511/695*
–allotheroaseB.
Article 3
Article 3ofRegulation (EEC)No878/77isherebyrepealed.
Article 4
ThisRegulation Bhallenterintoforoeon1February 1978.
ThisRegulation shallbebindinginitsentirety anddirectlyapplicable
inallMemberStates. _FortheCouncil
DoneatBrussels , ThePresident
(5)OJNoL318,18.12.1969,P»1

FINANCIAL STATEMENT
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1.i-:«-.tM'."Sccr.ww ,CVnrer-oi;rc<?P Ch-\->«10;Ch~ptor R/ir.nr.i.\b
3.»::iwiProposalforaCosncil,Herniation pjricnlin."thercpreeentati veratefortheItrianliraovlthe"oundrterlin /rtob«ap'iliciinorrictilture .
j.v-.r.ibamsiJ?e,dilation 1?9»Article 3*
4.C'JncTivestTorealirnt-iereorercntative rates,intro'lucinp ;areduction of6y.>
fortheItalianliraandofyJL(6»47«formilkproducts )for.thepoundsterling
5.n*:c.c«'£Lcrcjcjrcs (in
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I1/ciuv:::s fxsanciai .rcw»t1-ov(lira)-1?6(£)-u>(lira-73(c)-o•(iiraj-126(£)
-l'Jl
+116-1"]
+67-l'Jl
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m*....hm;.,.,tt« ig»
5*0.1rU.'KJA.WJAL FA77XJ CTEXtZMttTtilE -1?1 –191 -191
,5.1.1 fATTîxiornzcam +116 +116 4116
|v.aworCALCJUÎU*(over12ïconths) Lin\£öicrlir ^ I
A*Expenditure iIXA'S(withoutdualrate)
Dualrcteoncomrconorganieation'o
ofmarket
DunlTatconI-îCÀ's
Total.
• •-lc,0
-*3
_+27-bcKBJA-179
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+
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co^u;tuiiiccnan«TjinexnenHiture represents acavingcomparedwiththeexpenditure
whichthecurrentsituation wouldhavewarranted .Thedownward trendinthe
liraandtheexiendit*:re whichwouldhavebeennecensary inthecurrent
situation exceedsbu^(*etestimates.Concoqcuently thesavinginrelationto
theburiretfigureswillbolossthanthatindicated abovt>«