CELEX: 51975PC0102
Language: en
Date: 1975-03-05 00:00:00
Title: RECOMMANDATION FOR COUNCIL DECISION on the definition and conversion of the unit of account used for expressing amounts in the EEC-ACP Lomé Convention. (submitted by the Commission to the Council)

ARCHIVES HISTORIQUES
DE LA COMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (75) 102
Vol. 1975/9007
 ---pagebreak--- Disclaimer
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 ---pagebreak---                                                       COM(75)102 final
                                                      Brussels , 5 March 1975
                   RECOMMANDATION FOR COUNCIL DECISION
                on the definition and conversion of the unit of account
      used for expressing amounts in the EEC-ACP Lomé Convention .
       ( submitted by the Commission to the Council )
COM/75/102 final
 ---pagebreak---                       EXPLANATORY MEMORANDUM
 In connection with Article 42 of the EEC - ACP Convention signed in Lome
on 28th February 1975 » the Community adopted, a declaration , of which the
ACP States took note , in which it undertook to adopt , as rapidly as pos­
sible and certainly before the said Convention came into force , a defi­
nition of the European unit of aocount in which all the amounts of aid
mentioned in the Convention would be expressed .
This is the purpose of this Council decision , the content of which is to
be communicated to the ACP States .
In view of the present situation of the international monetary system ,
the choice of a unit of account raises certain problems •    The   system of
gold parities has gradually been abandoned and has given way to a system
of central rates « This system itself has'been partly discontinued by most
 States *
In these circumstances it is no longer possible , as in the previous EDF
to use a unit of account based on a parity grid . The value of the unit of
account must rather be linked to a currency, or the average value of some
set of currencies . The International Monetary Fund was faced with a similar
proMem concerning the valuation of Special Drawing Rights and the solution
was to base their value on a standard    basket of currencies .
A solution of this kind based on a basket of European currencies has proved
feasible in several sectors of Community activity , and» in particular! has
met   the specific requirements of the European Development Fund .
A decision of the Council of Governors of the European Investment Bank
must be made on the l8th March concerning the conversion rates for the unit
of account for the Bank for the various national currencies especially so
that last year 's balance sheet can be established . If the "basket " solution
is adopted for the European Development Fund , it would be appropriate to
adopt the same solution for the EIB in its own procedures .
 ---pagebreak---               RECOMMANDATION FOR
      COUNCIL DECISION EEC No . . . . A 5
on the definition and conversion of the unit of account used for
expressing amounts in the EEC-ACP Lome Convention .
THE COUNCIL OF THE EUROPEAN COMMUNITIES
Having regard to the recommendation of the Commission}
Having regard to the opinion of the Monetary Committee of 4"th March 1975 »
Whereas at the signing of the EEC-ACP Lome Convention on 28th February
1975 "the Community declared that the Council should have the right to
decide on a definition for a European unit of acoount for application
in the Convention
Whereas the unit of account has been constructed so as to have an inital
value on 28    June 1974 that corresponds to the value fixed "by the
International Monetary Fund for the SDR .
Whereas the unit of account must represent an average value of the evolution
of the currencies of the Community , to assure the ACP state that the
amount of aid will be linked to the average performance of the currencies
of the Member States
 ---pagebreak--- HAS ADOPTED THIS DECISION
Article 1
         The amounts given in the EEC-ACP Lome Convention or used in the
application of this Convention are expressed in units of account which
are made up of a basket of currencies of the Member States of the Euro­
pean Communities .
         This unit of account is defined as the sum of the following amounts
in Member States currencies :
        DM           0.828         HF1          0.286
        h ster       0.0885        ®«Fr         3.66
        FF           1.15          Lux Fr       0.I4
         Lit       109             Dkr          0.217
                                   Irish &      O.OO759
Article 2
        The value of the unit of account in a national currency is equal
to the sum of the equivalents in that currency of these amounts . It is
calculated by the Commission using daily market exchange rates .
        Daily values of the unit of account in various national currencies
will be made available , and will be published periodically in the Official
Journal of the' European Communities .