CELEX: 31973R0270
Language: en
Date: 1973-01-31 00:00:00
Title: Regulation (EEC) No 270/73 of the Commission of 31 January 1973 on the exchange rate to be applied in agriculture for the currencies of the new Member States

1 . 2 . 73                                 Official Journal of the European Communities                              No L 30/77
                                REGULATION (EEC) No 270/73 OF THE COMMISSION
                                                         of 31 January 1973
              on the exchange rate to be applied in agriculture for the currencies of the new Member
                                                                States
THE COMMISSION OF THE EUROPEAN                                         Whereas, the measure provided for in this Regula­
COMMUNITIES ,                                                          tion, relating to prices or amounts to be fixed in ac­
                                                                       cordance with the procedure laid down in Article 26
Having regard to the Treaty establishing the Euro­                     of Council Regulation No 120/67/EEC (3) of 13
pean Economic Community ;                                              June 1967 on the common organization of the mar­
Having regard to Council Regulation No 129 (*) on                      ket in cereals, or in the corresponding Articles of the
the value of the unit of account and the exchange                      other Regulations on the common organization of
rates to be applied for the purposes of the common                     agricultural markets, are in accordance with the
agricultural policy, as amended by Regulation (EEC )                   Opinions of the Management Committees set up as
No 653 /68 (2), and in particular Article 3 ( 1 ) thereof ;            part of the common agricultural policies ;
                                                                       HAS ADOPTED THIS REGULATION :
Having regard to the Opinion of the Monetary Com­
mittee ;                                                                                          Article 1
Whereas the situation envisaged in Article 3(1 ) of                    1.      Where transactions to be carried out in pursu­
Regulation No 129, permitting measures which                           ance of instruments relating to the common agricul­
derogate from the principle of parities for converting                 tural policy, or specific rules laid down under Art­
one currency into another, now arises in the new                       icle 235 of the Treaty, require the currencies of the
Member States ;                                                        new Member States to be expressed in another cur­
                                                                       rency or in units of account, the rate of exchange to
Whereas the common agricultural policy is to be                        be applied for the conversion of prices and other
applied in those Member States from 1 February                         amounts fixed by the Council shall, in derogation
1973     in accordance       with      transitional    measures
                                                                       from Article 2 ( 1 ) of Regulation No 129 , be :
which are, in general, based on a price level different
from the common price level and on progressive                         ( a ) for Denmark, the central rate for Danish
alignment towards that common price level ; whereas                          Kroner ;
conversion rates should therefore be applied                           (b ) for Ireland and the United Kingdom, the repre­
which are not based on parities but are more in line                         sentative rate for the currencies of these two
with economic realities ;                                                    Member States .
Whereas, in these circumstances, the conversion rate                   2.      The representative rate referred to in para­
for Denmark should be the central rate for Danish                      graph 1 (b ) shall be :
Kroner ; whereas for Ireland and the United King­                      £l sterling = £l Irish = 2-3499 $ US = 2-1644 units
dom, however, a representative rate should be used                     of account .
calculated by reference to the arithmetical average of
the middle rates on the exchange markets of the                                                   Article 2
countries concerned at midday during the first two                     This Regulation shall enter into force on the day
weeks of January 1973 ;                                                of its publication in the Official Journal of the
Whereas power to fix prices and certain amounts is                     European Communities.
vested in the Commission, acting on the Opinion of                      It shall cease to be applicable to the currency of
the relevant Management Committee, under Acts re­                      any of the Member States named in Article 1 as
lating to the common agricultural policy or under                      soon as such State communicates a new parity to the
specific rules made under Article 235 of the Treaty ;                  International Monetary Fund.
              This Regulation shall be binding in its entirety and directly applicable in all Member
              States .
              Done at Brussels, 31 January 1973 .
                                                                                  For the Commission
                                                                                      The President
                                                                                 Francois-Xavier ORTOLI
 (*) OJ No 106, 30. 10. 1962 , p . 2553/62 .
 (*) OJ No L 123 , 31 . 5 . 1968 , p . 4 .                              ( 3) OJ No 117, 19 . 6 . 1967, p . 2269/67 .