BY ILLEGALITY IN THAT IT CONFERS A RETROACTIVE EFFECT ON REGULATION NO 1112/73 ADOPTED BY THE COUNCIL OF THE EUROPEAN COMMUNITIES ON 30 APRIL 1973 AND THUS INTERFERES WITH VESTED RIGHTS?
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6 THE LAST QUESTION ASKS : ' WOULD THE LEGISLATION APPLICABLE IN THE PRESENT CASE BE MORE FAVOURABLE TO THE COMPANY IF THE COURT WERE TO HOLD THAT REGULATION NO 2042/73 WAS ILLEGAL?
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7 IT IS APPROPRIATE TO CONSIDER THE VARIOUS QUESTIONS TOGETHER .
8 SINCE THE ESTABLISHMENT OF THE SYSTEM OF COMPENSATORY AMOUNTS THOSE AMOUNTS HAVE BEEN CALCULATED BY REFERENCE TO THE DIFFERENCE BETWEEN THE PARITY OF THE NATIONAL CURRENCY OF THE MEMBER STATE IN QUESTION DECLARED TO THE INTERNATIONAL MONETARY FUND ON THE ONE HAND AND THE SPOT MARKET RATE OF THAT CURRENCY AS AGAINST THE UNITED STATES DOLLAR ON THE OTHER .
9 BY REASON OF THE CONTINUED PRESSURE ON THE UNITED STATES DOLLAR AT THE BEGINNING OF 1973 , IN SPITE OF THE DEVALUATION OF THAT CURRENCY IN FEBRUARY , THE COUNCIL DECIDED TO SET UP A SYSTEM WHEREBY THE CURRENCIES OF SIX OF THE MEMBER STATES WOULD FLOAT IN RESPECT OF OTHER CURRENCIES WHILE MAINTAINING INTER SE CERTAIN FLEXIBILITY MARGINS ( THE ' SNAKE ' ) AND ASKED THE COMMISSION TO SUBMIT TO IT PROPOSALS FOR A REFORM OF THE SYSTEM OF MONETARY COMPENSATORY AMOUNTS TO TAKE ACCOUNT OF THE NEW SITUATION .
10 THE PROPOSALS OF THE COMMISSION RESULTED IN THE ADOPTION BY THE COUNCIL ON 30 APRIL 1973 OF REGULATION NO 1112/73 WHEREBY ARTICLE 2 ( 1 ) OF REGULATION NO 974/71 WAS AMENDED SO THAT COMPENSATORY AMOUNTS WERE NO LONGER CALCULATED BY REFERENCE TO THE UNITED STATES DOLLAR BUT BY REFERENCE TO THE CENTRAL RATES OF CURRENCIES IN THE ' SNAKE ' .
11 IN THE WORDS OF ARTICLE 3 OF REGULATION NO 1112/73 THAT REGULATION WAS TO APPLY ' FROM THE DATE ON WHICH THE DETAILED RULES REQUIRED FOR ITS APPLICATION . . . ENTER INTO FORCE ' .
12 THE DETAILED RULES FOR ITS APPLICATION WERE LAID DOWN BY THE COMMISSION IN REGULATION NO 1463/73 OF 30 MAY 1973 .
13 BY VIRTUE OF ARTICLE 19 OF THAT REGULATION THE RULES TOOK EFFECT ONLY ON 4 JUNE 1973 .
14 DURING THE PERIOD WHEN THE COMPENSATORY AMOUNTS WERE CALCULATED BY REFERENCE TO THE DOLLAR , EXPORT REFUNDS WERE CALCULATED BY REFERENCE TO THE WORLD PRICES EXPRESSED IN DOLLARS CONVERTED AT PAR WHICH MIGHT HAVE HAD THE CONSEQUENCE OF REDUCING THE REFUNDS BUT THAT RISK WAS COUNTERBALANCED BY THE FACT THAT THE COMPENSATORY AMOUNTS THEMSELVES WERE CALCULATED BY REFERENCE TO THE OFFICIAL RATE OF THE DOLLAR .
15 IN THE VIEW OF THE PLAINTIFF IN THE MAIN ACTION REGULATION NO 2042/73 IS INVALID BY VIRTUE OF THE DIFFERENCE OF TREATMENT IT ACCORDS TO EXPORTERS WHO PERFORMED THEIR CONTRACTS BEFORE 4 JUNE 1973 IN COMPARISON WITH THOSE WHO COULD ONLY OBTAIN THE PERFORMANCE OF THEIR CONTRACTS AFTER THAT DATE .
16 THE COMBINED EFFECT OF REGULATIONS NO