ARCHIVESHISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(76)725
Vol.1976/0219

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!
I
i
COMMISSION OFTHEEUROPEAN COMMUNITIES
\
COM(76)725 final.
Brussels,21December 1976.
Proposalfora
COUNCIL REGULATION
amendingRegulation (EEC)NONO557/76
asregardstheexchangerateto"be
appliedinagriculture fortheIrish
pound
(submittedtotheCouncilbytheCommission)
COM(76)725final.

EXPLANATORY MEMORANDUM
1.Council Regulation (EEC)No557/76of15March 1976 (QJNoL67of
15March 1976 )fixed therepresentative rates to "beused fortheCommunity
currencies forthepurposes ofthecommon agricultural policy .This
Regulation hasbeen amended several times inorder toalign therepresentative
rates more closely with thereal rates recorded onthemarkets .
With regard inparticular tothesituation concerning theIrish pound ,on
11October 1976 theCouncil decided todevalue theIrish green pound tjy
7.6/0;this devaluation fallowed that of15March 197^(l*8$ ).
2.Themonetary compensatory amount applicable inIreland from 20D^qember
1976 iscalculated onthebasis ofamargin of23*5 (real margins 24,?6).
Such high compensatory amounts areaserious danger tothecommon agricultural
policy ;theCommission haspointed this outinseveral documents whiofy ithas
recently presented totheCouncil ,including various proposals for tfy€i
adjustment oftherepresentative rateB .
TheIrish Government hasmeanwhile requested theCommission toeffect a
further devaluation oftheIrish green poundT
3.TheCommission therefore proposes totheCouncil an devaluatiqo ,ofthe
Irish green pound ,tobeeffected intwostages :
-%l$with immediate effect ;
-3-1$ atthebeginning ofthe1977/76marketing year .
Thereal margin of24*76 would then bereduced successively to18.46and
14*76 (reduction of10points inall)*
Such aproposal would result in:
-atotal increase of8.7%inagricultural prices inIreland (5*3$ ;3*2y£ ;);
-anoverall inflationary effect ofabout 1.2% .
Theattached table indicates indiagrammatic form therepercussions ofthis
new proposal *

iPrésent green rate^Repercussions on
Green rate asfrom I^devaluation JIth6 JIprices
arfnMitiMMi IIMl.ilinpoints (x}1
Irish pound £1=1,56778 u.a . 27.12.76 :£1-1,48861 u.a . 5.1 -6.3 +5.3
1u.a .=£0,637845 Iu.a .-£0,671768
77/78market .£1■1,44212 u.a. 3.1 -3.7 +3.2 .
year
I 1u.a .-£0,693424
J
(*)Based onamargin of–24.76 fortheIrish pound .
&

COUNCIL REGULATION (EEC)
amendingRegulation (EEC)NoNo557/76
asregardstheexchangerateto"be
appliedinagriculture fortheIrish
oound
- 'II ■I
THECOUNCIL OPTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishing theEuroDeanEconomicCommunity,
HavingrrgarrttoCouncilRegulation No129onthevalueoftheunitof
accountandtheexchangeratesto"beappliedforthepurposeofthecommon
agricultural policy^,aslastamendedbyRegulation(EEC)NO2543/73F
andinparticular Article 3thereof,
HavingregardtotheproposalfromtheCommission ,
WhereasCouncilRegulation(EEC)No557/76of15March1976ontheexchange^ratesto"beappliedinagriculture andrepealingRegulation (EEC)No475/75t
aslastamendedbyRegulation (EEC)No2596/76(4\fixedtherepresentative
ratefortheIrishpound;whereasthemovementofthiscurrencyindicatesthe
advisability offixinganewrepresentative Tratewhichwouldreflectipore
closelytherealeconomicsituation ;whereas,inviewoftherepercussions
onconsumerpricesinIreland,thismeasureshouldbeappliedinstages;whereas
provisionshouldthereforebemadeforanimmediateadjustment tothe
representative rateandforasubsequent adjustment ,tobemadeinprinciple
onthedateswhenpriceqarechanged ;
WhereastheMonetaryCommitteewillbeconsulted andwhereas,inviewofthe
urgencyofthematter,theproposedmeasuresshould "beadoptedinthemanner
providedforinArticle3(2)ofRegulation No129t
HASADOPTED THISREGULATION :
1)OJNoL106,30.10,1962 ,p.2553/62
2)OJNoL263,19.9.1973 ,p.1
3)OJNoL67,15.3.1976 ,P.1
4)OJNoL296,27.10,1976 ,p.11

-2-
Article 1 «•
-rnut
1.InArticle2(l)ofRegulation (EEC)HO537/76,pointsje)end(H)
areamendedtoreadasfollows ;.
"(e)fortheIrishpound:
£1Irish=1,48861unitsofaccount;"
2.Howevertherate
£1»1.44212unitofaccount
must "betakenasthenewrepresentative rateintheCouncilRegulation to
"boadopted "beforethe"beginning cfthe1977/78campaignonnewexchangerates
to"beapplicedintheagricultural sector.
Article 2
ThefollowingparagraphisaddedtoArticle2ofRegulation (EEC)No557/76:
•?(£)i>herepresentative ratefortheIrishpoundfixedinArticle X(1)of
Regulation (EEC)Hofl$shallapplyfrom:
(a)thedatelaiddowninparagraph 2(c)fortheproductsmentioned
therein ; –-
("b)from27December197^inallothercases".
Article3
MJ'IRAX'-.RV' IMIIII <'*■»
ThisRegulationshallsnterintoforceonthedayofitspublication in
theOfficialJournaloftheEuropean Coamaunitiea .
ThisRegulationshallbebindinginitsentiretyanddireotlyapplicablein
allMesl:".rStates.
voneet ^FortheCouncil
λ1ht'Pres3.'jent