CELEX: 31975R0475
Language: en
Date: 1975-02-27 00:00:00
Title: Regulation (EEC) No 475/75 of the Council of 27 February 1975 on the exchange rates to be applied in agriculture

No L 52/28                                  Official Journal of the European Communities                                28 . 2. 75
                                       REGULATION (EEC) No 475/75 OF THE COUNCIL
                                                          of 27 February 1975
                                           on the exchange rates to be applied in agriculture
THE COUNCIL OF THE EUROPEAN                                              whose currencies have depreciated, the monetary
COMMUNITIES,                                                             compensatory amounts currently applied should be
                                                                         reduced ;
Having regard to the Treaty establishing the                             Whereas this objective can be attained by fixing
European Economic Community, and in particular                           a representative rate for the currencies of the Member
 Articles 28 , 43 and 235 thereof;                                       States concerned at a level more closely related to
                                                                        the actual economic situation in agriculture;
                                                                        whereas these rates should be set out in a single
Having regard to Council Regulation No 129 (x) on                        text ;
the value of the unit of account and the exchange
rates to be applied for the purposes of the common
agricultural policy, as last amended by Regulation                      Whereas it is also possible to reduce the impact of
                                                                        compensatory amounts in those Member States
 (EEC) No 2543 /73 (2), and in particular Article 3
thereof;                                                                whose currencies have depreciated ;
                                                                        Whereas to fix such a representative rate would lead
Having regard to the proposal from the Commission ;                     to an adjustment of agricultural prices ; whereas the
                                                                        problems raised by the modification of exchange
                                                                        rates are the subject of legal provisions, and in
Having regard to the Opinion of the European                            particular Council Regulation (EEC) No 1134/68 (3)
Parliament;                                                             of 30 July 1968 laying down rules for the
                                                                        implementation of Regulation (EEC) No 653/68 on
                                                                        conditions for alterations to the value of the unit
Having regard to the Opinion of the Economic and                        of account used for the common agricultural
Social Committee ;                                                      policy ; whereas these provisions only cover the case
                                                                        of a change in the parity of a currency ; whereas
Whereas the situation referred to in Article 3 ( 1 ) of                 they should also be applied in this case ;
Regulation No 129, in respect of which derogations
may be made from the principle of using parities                        Whereas the impact of this measure on the economy
for converting one currency into another, now                           of the Member States concerned should be moderated
obtains in various Member States ;                                      as far as possible; whereas provision should therefore
                                                                        be made for the adjustment of prices and amounts
                                                                        fixed in units of account to take place within a
Whereas, however, it has generally been possible                        reasonable period linked in principle to the beginning
to solve the problems posed by such a situation by                      of the marketing year or to a change in prices, and
applying monetary compensatory amounts, enabling                        for this to be done to the extent necessary to prevent,
exchange rates to be maintained which correspond                        in particular, a reduction in their levels in national
to the parities of the currencies concerned ; whereas                   currencies ;
this arrangement has led to different price levels in
the Member States affected ; whereas in order to                        W hereas it is also necessary to ensure that the delay
prevent the maintenance of unchanged rates for the                      in the automatic adjustment of prices does not cause
common agricultural policy from leading to an                           difficulties for trade ; whereas to this end it is
increase in the differences between price -levels                       necessary to take account of the effect of a delay
expressed in national currencies when prices are                        in applying the new price level when fixing the
increased, and in view of the fact that certain                         monetary compensatory amounts introduced by
adjustments may be made to the rates to adapt them                     Council Regulation (EEC) No 974/71 (4) of
to the real economic situations in the Member States
                                                                        12 May 1971 on certain measures of conjunctural
(») OT No 106, 30. 10. 1962 , p . 2553 /62 .                                  OJ No L 1 SS , 1 . 8 . 196S , p . 1 .
( 2 ) O f No L 263 , 19 . 9 . 1973 , p . 1 .                              4 i OJ No L 106 , 12 . 5 . 1971 , p. 1 .
 ---pagebreak--- 28 . 2. 75                              Official Journal of the European Communities                            No L 52/29
policy to be taken in agriculture following the                                            Article 2
temporary widening of the margins of fluctuation for
the currencies of certain Member States, as last                   1 . The adjustment of the intervention and buying-in
amended by Regulation (EEC) No 3259 /74 (*);                       prices fixed for the purposes of the common
                                                                   agricultural policy consequent on application of the
Whereas in the beef and veal sector the market price               new representative rates shall take place :
has for some time been lower than the intervention
price; whereas it is necessary to be able to take this             (a) on 1 August 1975 for pigmeat;
into account when fixing the monetary compensatory                 (b) on 16 September 1975 for milk and milk products
amounts ;                                                               in the Benelux countries;
Whereas the Monetary Committee will be consulted ;                 (c) on 16 December 1975 for wine;
whereas, in view of the urgency, the measures                      (d) on 1 January 1976 for tobacco and fishery
envisaged should be adopted in accordance with the                      products in Germany and the Benelux countries ;
conditions laid down in Article 3 (2) of Regulation
No 129,                                                            (e) at the beginning of the 1975/76 marketing year
                                                                        for the other products for which the marketing
                                                                        year has not commenced on the date on which
                                                                        this Regulation shall apply, and for milk and
HAS ADOPTED THIS REGULATION :
                                                                        milk products in the Member States other than
                                                                        the Benelux countries ;
                            Article 1
                                                                   (f) in all other cases, on the date on which this
1 . Where transactions to be carried out in pursuance                   Regulation shall apply.
of instruments relating to the common agricultural
policy, or specific rules laid down under Article                 2. However, in respect of eggs, poultry, ovalbumin
235 of the Treaty, require the currencies referred                 and lactalbumin, account shall be taken, until the
to in paragraph 2 to be expressed in another                       end of the 1974/75 cereals marketing year, of the
currency or in units of account, the rate of exchange              impact of the measures referred to in paragraph 1 .
shall, in derogation from Article 2 ( 1 ) of Regulation
No 129, be the rate which corresponds to the                                               Article 3
representative rate for that currency.
                                                                    1 . The amounts to be paid by the Member States
2. The representative rate referred to in paragraph 1              in respect of other intervention operations on the
shall be :                                                         internal market, in accordance with the regulations
                                                                   establishing a common organization of the
(a) for the Belgian franc and the Luxembourg franc :               agricultural markets, shall be fixed in the light of
     Bfr/Lfr 1 = 0-0201450 unit of account;                        the impact of the measures referred to in Article 2.
(b) for the Danish kroner :
                                                                   2. For the products for which monetary
     Dkr 1 — 0-131956 unit of account;                             compensatory amounts are applicable, account shall
                                                                   be taken in the fixing of these amounts of the impact
(c) for the German mark:                                           of the measures referred to in Article 2 .
     DM 1 = 0-279429 unit of account ;
(d) for the French franc :                                         3 . In the case where,         when    the Regulations
                                                                   establishing a common organization of the
     FF 1 — 0-177520 unit of account ;
                                                                   agricultural markets are applied, the internal market
( e) for the Irish pound :                                         prices are to be retained , the impact of the measures
                                                                   referred to in      Article  2   shall  be  taken   into
     £ 1 Irish = 1-86151 units of account;                         consideration .
( f) for the Italian lira :
     Lit 100 — 0-116686 unit of account ;                                                  Article 4
(g) for the Dutch guilder :                                        1 . Detailed rules for the application of this
     Fl 1 = 0-292505 unit of account.                              Regulation, and in particular the modifications to
(h) for the English pound :                                        be made on the basis of this Regulation, to other
                                                                   prices and amounts fixed for the purposes of the
     £ 1 sterling = 1-96178 units of account.                      common agricultural policy, and to the amounts
                                                                   fixed in accordance with specific provisions under
(») OJ No L 349, 28 . 12 . 1974, p. 10.                             Article 235 of the Treaty, shall be adopted in
 ---pagebreak--- No L 52/30                              Official Journal of the European Communities                              28 . 2 . 75
accordance with the procedure laid down in                                                      Article 6
Article 26 of Regulation No 120/67/EEC (*) or in
the corresponding Article of the other Acts                        The provisions of Regulation (EEC) No 1134/68 in
concerning agriculture establishing a similar                      respect of an alteration of the relationship between
procedure as the case may be, if necessary by                      the parity of the currency of a Member State and
derogation from the provisions for the fixing of                   the value of the unit of account, shall apply.
prices laid down in the relevant regulations where
and so long as strictly necessary to take account
of this Regulation.                                                                             Article 7
2. As regards the amounts fixed in units of account                Council Regulation (EEC) No 2544/73 (2) of
which are not connected with the fixing of prices,                 19 September 1973 on the exchange rate to be applied
these arrangements may consist of an increase of                   in agriculture for the Dutch guilder, Council
2-27% .                                                            Regulation (EEC) No 2498/74 (3) of 2 October 1974
                                                                   fixing representative conversion rates to be applied
                                                                   in agriculture for the currencies of the new Member
                        Article 5                                  States, and Article 1 of Council Regulation (EEC)
                                                                   No 2958/ 73 (4) of 31 October 1973 on the exchange
1 . The last subparagraph of Article 2 (1 ) (b) of                 rate applied in agriculture for the Italian lira, are
Regulation (EEC) No 974/71 is replaced by the                      hereby repealed with effect from 3 March 1975 .
following :
    'However, this average shall be reduced by 1-25                                             Article 8
    points in the case of Member States whose
    currencies have depreciated.'                                  1 . This Regulation shall enter into force on the day
                                                                   of its publication in the Official Journal of the
2. Paragraph 3 below is added to Article 2 of                      European Communities.
Regulation (EEC) No 974/71 :
    '3. Where the market price for adult bovine                    It shall apply from 3 March 1975.
    animals    remains  lower than          the  intervention
    price for a relatively long period, the monetary
    compensatory amounts applicable in the beef                    2. The representative rate referred to in Article 1
    and veal sector may be correspondingly modified                shall cease to be applicable for the currency of a
    in accordance with the procedure laid down in                  Member State at such time as that State shall declare
    Article 6.'                                                    a new parity to the International Monetary Fund .
              This Regulation shall be binding in its entirety and directly applicable in all Member
              States .
              Done at Brussels, 27 February 1975 .
                                                                                              For the Council
                                                                                                The President
                                                                                             M. A. CLINTON
                                                                   (2) OJ No L 263 , 19 . 9. 1973 , p. 2 .
                                                                   (3 ) OJ No L 268 , 3 . 10 . 1974 , p. 6 .
H OJ No 117 , 19 . 6. 1967 , p . 2269 /67 .                         (4 ) OJ No L 303 , 1 . 11 . 1973 , p. 1 .