TO ARTICLES 2 , 3 AND 4 OF REGULATION ( EEC ) NO 974/71 OF THE COUNCIL OF 12 MAY 1971
UNDER THE SYSTEM OF MONETARY COMPENSATORY AMOUNTS ADOPTED BY REGULATION ( EEC ) NO 974/71 , THE IMPORTATION OF THE PRODUCTS REFERRED TO IN ARTICLE 2 OF THAT REGULATION COULD BE SUBJECT TO MONETARY COMPENSATION , PROVIDED THAT FLUCTUATION ( BEYOND THE LIMITS LAID DOWN ) OF THE EXCHANGE RATE OF THE CURRENCY OF THE IMPORTING STATE WAS RECOGNIZED AS A REVALUATION OF THAT CURRENCY IN RELATION TO THE OFFICIAL PARITY AGAINST UNITED STATES DOLLARS .
AS THE RESULT OF THE MONETARY POLICY DECISIONS ADOPTED ON 18 DECEMBER 1971 AND OF THE ADOPTION OF THE ' CENTRAL EXCHANGE RATES ' BY SOME MEMBER STATES , THE CURRENCIES OF ALL THE MEMBER STATES WERE REVALUED IN TERMS OF THE US DOLLAR ; AND SINCE , ON THE OTHER HAND ( ACCORDING TO THE PLAINTIFF ), IN THE FIRST WEEKS WHEN THESE PROVISIONS WERE APPLIED , THE ITALIAN CURRENCY DEPRECIATED IN VALUE . THE FOLLOWING QUESTIONS ACCORDINGLY ARISE :
( 1 ) ON THE ASSUMPTION THAT THE SITUATION DESCRIBED BY THE PLAINTIFF IS PROVED TO HAVE EXISTED IN FACT , WAS THE AMMINISTRAZIONE DELLE FINANZE ITALIANE LEGALLY ENTITLED TO LEVY THE COMPENSATORY AMOUNTS WHILE THAT SITUATION LASTED?
( 2)BEARING IN MIND THAT THE COMPENSATORY AMOUNTS MAY VARY FROM TIME TO TIME , IN ACCORDANCE WITH VARIATIONS IN EXCHANGE RATES , WHAT IS THE DATE TO BE USED AS A REFERENCE POINT IN THE CASE OF INDIVIDUAL COMMERCIAL TRANSACTIONS IN DETERMINING WHETHER OR NOT THE CONDITIONS REQUIRED BY COMMUNITY LEGISLATION EXIST FOR THE APPLICATION OF COMPENSATORY AMOUNTS ( ARTICLE 4 OF REGULATION ( EEC ) NO 974/71 ), FOR THE FIXING OF THE AMOUNT THEREOF ( ARTICLE 2 ) AND FOR ANY ALTERATION IN THEM ( ARTICLE 3 ); IN PARTICULAR , MUST REFERENCE BE MADE TO THE DATE OF IMPORTATION OR EXPORTATION OF THE GOODS , OR THE DATE ON WHICH THE PRICE IS PAID OR TO ANY OTHER MOMENT IN TIME?
8IT IS NECESSARY TO CONSIDER IN THE FIRST PLACE THE QUESTIONS RELATING TO THE VALIDITY OF THE IMPOSITION OF MONETARY COMPENSATORY AMOUNTS ON IMPORTS INTO ITALY AT THE DATE IN QUESTION .
9THE EXCHANGE PARITY OF THE ITALIAN LIRA WAS ESTABLISHED WITH THE INTERNATIONAL MONETARY FUND AT THE RATE OF LIT 625 TO THE UNITED STATES DOLLAR WITH THE POSSIBILITY OF A FLUCTUATION OF 1% ON EITHER SIDE ON THIS RATE .
10FOLLOWING THE DECISIONS TAKEN AT WASHINGTON ON 18 DECEMBER 1971 ITALY INFORMED THE INTERNATIONAL MONETARY FUND OF A NEW EXCHANGE RATE ( CALLED THE ' CENTRAL RATE ' ) FOR ITS CURRENCY , NAMELY THE RATE OF LIT 581.50 PER DOLLAR WITH A MARGIN OF FLUCTUATION OF 2.25% ON EITHER SIDE .
11SINCE ITALY HAD ACCEPTED A RATE OF EXCHANGE FOR ITS CURRENCY HIGHER THAN THE FLUCTUATION LIMIT AUTHORIZED BY THE INTERNATIONAL RULES , THAT IS TO SAY THE BRETTON WOODS AGREEMENT OF 27 DECEMBER 1945 ,