CELEX: 31973S3542
Language: en
Date: 1973-12-19 00:00:00
Title: Decision No 3542/73/ECSC of the Commission of 19 December 1973 on the conversion rates for currencies expressed in units of account for certain purposes of the Treaty establishing the ECSC

29 . 12. 73                         Official Journal of the European Communities                           No L 361 / 11
                             DECISION No 3542/73/ ECSC OF THE COMMISSION
                                                 of 19 December 1973
                on the conversion rates for currencies expressed in units of account for certain
                                   purposes of the Treaty establishing the ECSC
THE COMMISSION OF THE EUROPEAN                                     exchange market of the currencies covered by the
COMMUNITIES,                                                       preceding subparagraph, where such currency is
                                                                   the currency of a third country. The Commission
                                                                   shall amend the rate if it finds that the difference
Having regard to the Treaty establishing the European              between the rate as last fixed and as newly calcu­
Coal and Steel Community, and in particular Article
50 thereof :
                                                                   lated exceeds one-half of the Community margin
                                                                   of fluctuation .
Having regard to Decision No 3541 /73/ECSC of the
Commission of 19 December 1973 on the definition               3 . The spot rates to be used for the purposes of
of the unit of account to be used in Decisions, Recom­             Article 1 (2) shall be :
mendations, Opinions and Communiques for the
purposes of the Treaty establishing the European Coal              (a) for the Belgian Franc and the Luxembourg
and Steel Community ;                                                  Franc : the average official rates quoted on each
                                                                       business day on the Brussels exchange ;
Whereas conversion of the currencies of the Member
States into units of account for the purposes of the               (b) for the Deutsche Mark : the average official
Treaty establishing the ECSC should be based as                        rates quoted on each business day on the Frank­
closely as possible upon economic realities ;                          furt exchange ;
                                                                   (c) for the French Franc : the average official
After consulting the Council,                                          quoted rates on each business day on the Paris
                                                                       exchange ;
                                                                   (d) for the Italian Lira : the average of the average
                                                                        official rates quoted on each business day on
HAS ADOPTED THIS DECISION :                                             the Rome and Milan exchanges ;
                                                                   (e) for the Dutch Guilder : the average official rates
                                                                        quoted on each business day on the
                         Article 1                                      Amsterdam exchange ;
                                                                   (f) for the United Kingdom Pound and the Irish
Conversion of currencies into units of account used in                  Pound : the average rates on each business day
Decisions, Recommendations, Opinions and Commu­                         at midday on the exchange markets of the
niques for the purposes of the Treaty establishing the                  Member States concerned ;
European Coal and Steel Community shall be carried
out as follows :                                                   (g) for the Danish Kroner ; the average official
                                                                        rates quoted at midday at the meeting presided
 1 . In the case of currencies for which the rates are                  over at Copenhagen on each business day by
     within the Community margin of fluctuation, by                     the National Bank of Denmark ;
     using the official exchange rate (parity or central
     rate, as the case may be) ruling on the last business         (h) for other currencies : the exchange rates on the
     day of the reference period defined by Article 3                   exchange markets of the Member States as indi­
     below ;                                                            cated under (a) to (g) above.
2. In the case of any other currency, by using a rate
     fixed by the Commission on the basis of the
     average of the rates for all the currencies covered                                 Article 2
     by the preceding subparagraph against the
     currency concerned ruling during the reference
     period defined by Article 3 below on the exchange         The exchange rates determined in accordance with
     market of the currency concerned, where such              Article 1 shall be applicable during periods of six
     currency is a Community currency or, on the               calendar months .
 ---pagebreak--- No L 361 / 12                       Official Journal of the European Communities                            29 . 12. 73
                         Article 3                                regarding aids, except for Decision No 73/287/
                                                                  ECSC of 25 July 1973 on coking coal and coke
The reference periods referred to in Article 1 shall be :         intended for the Community steel industry. In
— for drawing up the ECSC balance sheets, the date                these cases only the amount expressed in units of
   of such balance sheet or, where appropriate, the               account may be altered.
   last business day preceding such date,
— for other operations, the last month but one before                                   Article 5
   the period of six calendar months to which such
   operations relate.                                         The Commission shall notify interested parties of the
                                                               conversion    rates   fixed  in   accordance  with    the
                         Article 4                             preceding Articles.
This Decision :                                                                         Article 6
— shall not apply in respect of the administration             Conversions carried out in accordance with Articles 1 ,
   budget of the ECSC ;                                        2 and 3 shall be used :
— shall not apply in areas where specific measures
   have been adopted as regards conversion rates,              — for drawing up the ECSC balance sheets from 31
   particularly the measures for balancing imports of              December 1973 to 31 December 1974 ;
   scrap and material treated as such, covered by              — for calculating the average values on which the
   Decision No 21 /60/ECSC of 20 July 1960 ;                       levies shall be assessed for the year 1974 ;
— cannot alter the value in national currencies of             — for other operations relating to the financial year
   undertakings       pursuant    to   Decisions    taken          1974 .
             This Decision shall be binding in its entirety and directly applicable in all Member
             States .
             Done at Brussels, 19 December 1973 .
                                                                          For the Commission
                                                                             The President
                                                                        Francois-Xavier ORTOLI