CELEX: 31973R2958
Language: en
Date: 1973-10-31 00:00:00
Title: Regulation (EEC) No 2958/73 of the Council of 31 October 1973 on the exchange rate applied in agriculture for the Italian lire

1 . 1 1 . 73                               Official Journal of the European Communities                            No L 303 / 1
                                                                   I
                                                (Acts whose publication is obligator)
                               REGULATION ( EEC) No 2958 /73 OF THE COUNCIL
                                                         of 31 October 1973
                          on the exchange rate applied in agriculture for the Italian lire
THE COUNCIL OF THE EUROPEAN                                           Whereas to fix such a representative rate would lead
COMMUNITIES,                                                          to an adjustment of agricultural prices in Italy ;
                                                                      whereas this result is consistent with the basic prin­
Having regard to the Treaty establishing the European                 ciple of uniformity of prices in the Community ;
Economic Community ;                                                  whereas it was on the basis of this principle and its
                                                                      consequences that specific provisions were laid down
                                                                      in Council Regulation (EEC) No 1 134/68 (') of 30
Having regard to Council Regulation No 129 (') on                     July 1968 laying down rules for the implementation
the value of the unit of account and the exchange                     of Regulation (EEC) No 653/68 on conditions for alter­
rates to be applied for the purposes of the common                    ations to the value of the unit of account used for the
agricultural policy, as last amended by Regulation                    common agricultural policy ; whereas these provisions
(EEC) No 2543/73 (2) and in particular Article 3                      only cover the case of a change in the parity of a
thereof ;                                                             currency ; whereas they should also be applied in this
                                                                      case ;
Having regard to the proposal from the Commission ;
                                                                      Whereas the Monetary Committee has been consulted
Whereas the - situation referred to in Article 3 ( 1 ) of             and whereas in view of the urgency entailed , the
Regulation No 129, in which derogations may be                        measures envisaged should be adopted in accordance
made from the principle of using par values for                       with the conditions laid down in Article 3 (2) of Regu­
                                                                      lation No 129 ,
converting one currency into another, now obtains in
various Member States ;
Whereas, however, it has generally been possible to                   HAS ADOPTED THIS REGULATION :
solve the problems posed by such a situation by
applying monetary compensatory amounts, enabling
exchange rates to be maintained which correspond to                                               Article 1
the parities of the currencies concerned ; whereas this
arrangement has led to different price levels in the
Member States affected ; whereas it is possible to                     1.    Where transactions to be carried out in pursu­
reduce the compensatory amounts at present appli­                     ance of instruments relating to the common agricul­
cable in trade with Italy and thus take one step on the               tural policy, or specific rules laid down under Article
road back to uniform farm prices in the Community ;                   235 of the Treaty, require the Italian lira to be
                                                                      expressed in another currency or in units of account,
                                                                      the rate of exchange to be applied for conversion
Whereas this objective can be attained by fixing a                    shall , in derogation from Article 2 ( 1 ) of Regulation
representative conversion rate for the Italian lira at a              No 129, be the rate which corresponds to the represen­
level more closely related to the actual economic situa­              tative rate for that currency.
tion — in agriculture — ; whereas in view of the
consequences for price levels, the rate should be fixed
in stages ; whereas the most appropriate method                       2.     The representative rate referred to in paragraph I
                                                                      shall be :
would be to fix immediately a rate involving only a
small change, while a second step in the desired direc­               (a ) with effect from 1 November 1973 :
tion would be made within a reasonable time ;
                                                                           100 Italian lira = 01 53846 units ol account
(') OJ No L 106, 30 . 10 . 1962, p . 2553/ 62 .
 -') OJ No L 263 , 19 . 9 . 1973 , p . 1 .                            (') O | No L 1X8 , I. 8 . 1 968 , p .
 ---pagebreak--- No L 303/ 2                        Official Journal of the European Communities                              1 . 11 . 73
(b) with effect from 1 January 1974 :                        2. However, the second subparagraph of Article 4
    100 Italian lira = 0-147493 units of account .           ( 1 ) of Regulation ( EEC) No 1134/68 shall not apply
                                                             when the representative rate specified in Article 1 (2)
                        Artie c 2                            (b) is - introduced .
                                                                                       Article 3
 1.   Those    provisions of Regulation (EEC) No
1134/ 68 which relate to an alteration of the relation­      This Regulation shall enter into force on the day of its
ship between the parity of the currency of a Member          publication in the Official Journal of the European
                                                              Communities.
State and the value of the unit of account, in parti­
cular Articles 4, 5 and 6 thereof, shall apply in respect    It shall cease to have effect at such times as the Italian
of each product concerned from the date on which             Republic shall declare a new parity to the Interna­
the representative rate is fixed for that product.           tional Monetary Fund .
              This Regulation shall be binding in its entirety and directly applicable , in all Member
              States .
              Done at Brussels, 31 October 1973 .
                                                                            For the Council
                                                                             The President
                                                                           Ib FREDERIKSEN