CELEX: 51977PC0426
Language: en
Date: 1977-08-30
Title: PROPOSAL FOR A COUNCIL REGULATION (ESC) amending Regulation (EEC) No 878/77 as regards the exchange rate to be applied, in the agricultural sector, for the Danish Kroner (Submitted by the Commission to the Council)

ARCHIVES HISTORIQUES
DE LA COMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (77) 426
Vol. 1977/0137
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 ---pagebreak--- COMMISSION OF THE EUROPEAN COMMUNITIES
                                                COM(77 ) 426 final
                                                Brussels . 30 August 1977
                 PROPOSAL FOR A COUNCIL REGULATION ( ESC )
     amending Regulation ( EEC ) No 878/77 as regards the exchange
     rate to be applied , in the agricultural sector , for the
                              Danish Kroner
               ( Submitted "by the Commission to the Council )
COM(77 ) 426 final "
 ---pagebreak---                             EXPLANATORY KEWORAJJDUM
  Council Regulation (EEC ) No « 878/ 77 0** 26 April 1977       "the exc^arv" .
  rates applicable in tho agricultural sector ( see OJ Ho L 106 of 29 April
  1977 , P&so 27 ao last amended by Rogulation (EEC ) No17C£/77 (W No L 18° ,-
     •                                           •
 29«7»1977 » p » 7 fixed a representative rate for the Danish kroner , which
 corresponded to the central rate for this currency .
                                                            ν
                                         J
 t'n 2d Adjust 1977 Denmark «\ eoided 'to change tha oentral rate for their
 currency , devaluating by"5' /</
                                      /
 r^nDArk hoked the Commission $o take the necessary measiireB to adjust the
 ri!»pr*3*ntative rate for the kroner , to avoid introducing monetary
                                  'V
 compensatory amounts                 for Dehmark#
 A » Iha green rate and the Central rate for the kroner have so fax coincided ,
no to . o . a . wap applicable' to Denmark ; furthermore that country va.s , because
of thia situation , tho only Member State where the pricrt level corresponded
to the " common level "*
It ia proposed to meet tho Danish request and alter the representative rate
for the kroner , so       that it is the same as the central rate .
                                                     »
The following tablo shows the effeota of the proposed measure :
                                                   t                       Effects
former rate                     new rate       .       deval . on price.s      on m.i.a .
                                                       in %    in       y>     in points
Dkr 1 - 0,1^877 , ua        Dkr 1 - 0,"ll'6733ua
                                                         5          + 5 , 203      -o
1 u.a . - '8 , 13822Dkr     1 u.a . - 8,56656 Dkr         -       ,
 ---pagebreak---                                                          COUNCIL REGULATION ( EEC) No
                                                                     of     "     -
                         amending fU-g MIation (EEC) No                              regards the exchange rate to be
                                             applied, in the agricultural sector, for the Danish kroner
      'I HI; COUNCIL OF THE I-UKOPEAN                                           HAS ADOPTED THIS REGULATION :
      COMMUNITIES.
      1 Living regard to ( lie Treaty establishing the European                                            Artide 1
      Economic Community,                                            >          In .Article 2 (1 ) of Regulation (EEC) No                J^oint
      Having regard to Council Regulation No 129 jn the                         (b) shall be replaced by the following :
     value ot the unit of account and the exchange rates to                           (b) for the Danish kroner :
     he applied for the purpose of the common agricultural                              •          " 0,11673^ °facc°unt :'
     policy ( ' ), as last amended by Regulation ( EEC) No
     2543 / 73 (•). ,md in particular Article 3 thereof,                                                  Article 2
     Having regard to the proposal from the Commission,                        The following paragraph shall be added to Article 2 of
     W hereas Council Regulation (EEC) No ^^ of26                              Regulation ( EEC) No 878/77 ;
April 1977 0,1 tl,c «-"x«-'h»nge rates to be applied in                              3       The representative rate for |: hi? Danish
     agriculture                                                   -    ./v          kroner as fixed by Regulation ( EEC) N (> .               –
              ( ' ), as I.ot amended by Regulation ( EEC) No                        shall be applicable from :
 1708/77 1' )*                  a representative rate          the Danish           (a) the dates referred to in paragraph          ( d) and (e)
    kroner ; whereas the movement of this .currency indi­                                 for the products mentioned yhexci a ;
    cates the advisability of fixing a n;">v representative                         (b) the beginning of the              . ma/k^ting year
    rate which reflects more closely the real economic situ­                              for the other products for which thi marketing
    ation ; whereas this rate should be applied in principle                              year has not commenced by
    on the dates when prices are changed ;                                          (c)                       in all other cases.'.
    W Itereas the Monetary Committee will be consulted ;
                                                                                                          Artide 3
    whereas, in view of the urgency of the matter, the
    pioposed measures should be adopted under the                             This Regulation shall enter into force on the day
   conditions laid down in Article 3 (2) of Regulation No                     following its publication in the O/fiduJ Journal u)
    I.N,                                                                      //><■ I'.iiKipttin Co iii muniI us.
                       This Regulation shall be binding in its entirety and directly applicable in all Member
                       > Mtcs .
                       IXuw at
                                                                                              For the Council
  I ») OJ No         h», \\\ î « i . |w h 2 . p 2S5Ï/62.
                            l *-. a* a           p. I ,
        Ol No ! Í06 , 29.-4.1977 » P « 27 »
                      «i                  A   -i 'A rtrr
  , noj NO - l8o 29.7.1977 , P. 7 .
 ---pagebreak---                     FINANCIAL                  STATEMENT                            b
                                                                                       DATE »     29.9.1977
   1 . BUDGET LINS COUCLTCiED >        790
  2. ACTION « Proposed Council Regulation , modifying Regulation 878/77 in so far as it
      relates to the rate of exchange to be applied in the agricultural sector for
      the Danish Crown .
  3. LECAL BASIS »        Regulation No . 129
  4 . OBJECTIVES «     Alignment of the representative rate of the Danish Crown to the
                       central rate of that currency .
  5 . FINANCIAL CONSEQUENCE                         FOR THE MARKETING YEAR CURRENT FINANCIAL YEAR  FOLLOWING FINANCIAL YEAR
 5.O EXPENDITURE                                                                 ( 77 )                   f 78 )
       -CHARGED TO THE EC BUDGET
                  /INTERVENTI O.'.'S )                  ( 12 months )
       iCffect of the cLouble rate                     + 25 Mua ·                + 6 . Mua            + 25 Mua
 5.1 RECEIPTS
       –OXN RESOURCES OF TÜE EC
                                                                       neg Ligible
        ( LEVI ES/AÆKKX XSMSPAC
       iWStmiü:
                                                   YEAR . A9X9 . .......   YEAR       1980        YEAR
 5.0.1 PLURIA-VNUAI, PATTERN OF EXPENDITURE
                                                        + 25 Mua                 + 25 Mua
 5.1.1 PLURI ANNUAL PATTERN OK RECEIPTS
                                                                       negligible
 5.2 KETiiOD OP CALCULATION
        The proposition will avoid the introduction of. MCA 's in trade with Denmark .
        By this means the financial effect is limited to an increase in the effect
        of the double rate of about 5 % on the volume of Danish expenditure in the name
        of EAGGF-Guarantee .
        Effect on 12 months ; + 25 Mua
        Effect on the 1977 budget s ( 3/12 ) + 6 Mua
6.0 FINANCING POSSIBLE WITH CREDITS INSCRIBED IN RELEVANT CHAPTER OF CURRENT BUDGET ?                         ΥΕΞΪΕΧ
                                                                                                             seks/OSÎX
                                         atxaaL.iy x x                                                       JOSS&203C
6.3 CR2DITS TO BE WRITTEN INTO FUTURE BUDGES ?                                                                YESÍSB:
COMMENTS 1