LEVEL ;
WHEREAS THE VALUE OF THE ECU DOES NOT CORRESPOND TO THE VALUE OF THE UNIT OF ACCOUNT ( U.A .) USED HITHERTO ; WHEREAS , IN ORDER TO MAINTAIN THE COMMON LEVEL OF PRICES , THE AMOUNTS FIXED IN UNITS OF ACCOUNT MUST BE MULTIPLIED BY THE COEFFICIENT INDICATING FOR THE CURRENCIES OF THE COUNTRIES PARTY TO THE JOINT FLOAT AGREEMENT , THE RELATIONSHIP BETWEEN THE RADIO OF THEIR CENTRAL RATES TO THE EUROPEAN MONETARY UNIT OF ACCOUNT , AND THE RATIO OF THEIR CENTRAL RATES TO THE ECU ON THE DATE OF ENTRY INTO FORCE OF THE EUROPEAN MONETARY SYSTEM ; WHEREAS , IN ORDER TO PREVENT CHANGES IN THE LEVEL OF THE PRICES AND OTHER AMOUNTS IN NATIONAL CURRENCIES , THE REPRESENTATIVE RATES MUST THEN BE ADJUSTED BY USING THE SAME COEFFICIENT AS THAT TO BE APPLIED TO THE AMOUNT EXPRESSED IN UNITS OF ACCOUNT ; WHEREAS THE REPRESENTATIVE RATES AT PRESENT APPLICABLE IN AGRICULTURE WERE FIXED BY REGULATION ( EEC ) NO 878/77 ( 8 ), AS LAST AMENDED BY REGULATION ( EEC ) NO 643/79 ( 9 );
WHEREAS ARTICLE 2 OF COUNCIL REGULATION ( EEC ) NO 974/71 OF 12 MAY 1971 ON CERTAIN MEASURES OF CONJUNCTURAL POLICY TO BE TAKEN IN AGRICULTURE FOLLOWING THE TEMPORARY WIDENING OF THE MARGINS OF FLUCTUATION FOR THE CURRENCIES OF CERTAIN MEMBER STATES ( 10 ), AS LAST AMENDED BY REGULATION ( EEC ) NO 557/76 ( 11 ), PROVIDES THAT THE MONETARY COMPENSATORY AMOUNTS FOR MEMBER STATES WITH FLOATING CURRENCIES SHALL BE CALCULATED ON THE BASIS OF A DIFFERENCE BETWEEN THE REPRESENTATIVE RATE AND THE ACTUAL RATE MINUS 1.50 POINTS IF THE CURRENCY HAS DEPRECIATED ; WHEREAS , IN ORDER TO ENSURE CONTINUITY IN CALCULATING THE MONETARY COMPENSATORY AMOUNTS , THIS RULE SHOULD ALSO BE APPLIED WHERE A MEMBER STATE WITH A DEPRECIATED CURRENCY WHICH HAD BEEN FLOATING JOINS THE MEMBER STATES , THE CURRENCIES OF WHICH ARE MAINTAINED WITHIN 2.25 % OF ONE ANOTHER AT ANY GIVEN MOMENT ; WHEREAS , HOWEVER , THIS MUST NOT LEAD TO EXCESSIVE FRANCHISES IN TRADE ; WHEREAS IT FURTHER APPEARS APPROPRIATE ALSO TO INTRODUCE THE IDEA OF A FRANCHISE FOR MEMBER STATES WITH AN APPRECIATED CURRENCY ; WHEREAS IT IS HOWEVER NECESSARY TO AVOID TOO GREAT A DIFFERENCE DEVELOPING BETWEEN THE PRICES OF THE MEMBER STATES , WHICH IS NOT COVERED BY MONETARY COMPENSATORY AMOUNTS ;
WHEREAS THE CHANGEOVER TO THE NEW SYSTEM COULD PRESENT UNFORESEEN DIFFICULTIES WHICH WOULD REQUIRE IMMEDIATE ACTION ; WHEREAS THEREFORE THE COMMISSION SHOULD BE AUTHORIZED TO ADOPT THE NECESSARY MEASURES IN ACCORDANCE WITH THE MANAGEMENT COMMITTEE PROCEDURE AND , WHERE APPROPRIATE , BY WAY OF DEROGATION FROM THE EXISTING PROVISIONS ;
WHEREAS THE COUNCIL HAS DECIDED TO POSTPONE FIXING THE PRICES FOR THE 1979/80 MARKETING YEAR TO 30 JUNE 1979 ; WHEREAS , IN CONNECTION WITH THIS DECISION , INTRODUCTION OF THE ECU INTO THE COMMON AGRICULTURAL POLICY SHOULD BE LIMITED AS A FIRST STEP TO THIS SAME PERIOD ,
HAS ADOPTED THIS