CELEX: 31973R2544
Language: en
Date: 1973-09-19 00:00:00
Title: Regulation (EEC) No 2544/73 of the Council of 19 September 1973 on the exchange rate to be applied in agriculture for the Dutch guilder

No L 263 / 2                            Official Journal of the European Communities                                19 . 9 . 73
                               REGULATION ( EEC) No 2544/73 OF THE COUNCIL
                                                    of 19 September 1973
                   on the exchange rate to be applied in agriculture for the Dutch guilder
THE COUNCIL OF THE EUROPEAN                                       Whereas to fix such a representative rate would lead
COMMUNITIES,                                                      to an adjustment of agricultural prices in the Nether­
                                                                  lands ; whereas this result is consistent with the basic
Having regard to the Treaty establishing the European              principle of uniformity of prices in the Community ;
Economic Community ;                                              whereas it was on the basis of this principle and its
Having regard to Council Regulation No 1 29 ( x ) on              consequences that specific provisions were laid down
the value of the unit of account and the exchange                  in Council Regulation (EEC) No 1 134/68 (3) of 30
rates to be applied for the purposes of the common                July 1968 laying down rules for the implementation
agricultural policy, as last amended by Regulation                of Regulation (EEC) No 653/68 on conditions for alter­
                                                                   ations to the value of the unit of account used for the
(EEC) No 2543/73 (2) and in particular Article 3 ( 1 )
thereof ;                                                         common agricultural policy ; whereas these provisions
                                                                  only cover the case of a change in the parity of a
Having regard to the proposal from the Commission ;               currency ; whereas they should also be applied in this
                                                                   case ;
Having regard to the Opinion of the Monetary
Committee ;
Whereas the situation referred to in Article 3 ( 1 ) of            HAS ADOPTED THIS REGULATION :
Regulation No 129 , in which derogations may be
made from the principle of using par values for
converting one currency into another, now obtains in                                            Article 1
various Member States ;
Whereas, however, it has generally been possible to                1 . Where transactions to be carried out in pursu­
solve the probelems posed by such a situation by                   ance of instruments relating to the common agricul­
applying monetary compensatory amounts, enabling                   tural policy, or specific rules laid down under Article
exchange rates to be maintained which correspond to                235 of the Treaty, require the Dutch guilder to be
the parities of the currencies concerned ;                         expressed in another currency or in units of account,
                                                                   the rate of exchange to be applied for conversion
Whereas by reason of the customs union existing                    shall, in derogation from Article 2 ( 1 ) of Regulation
among the Benelux countries, and the fact that these               No 129 , be the rate which corresponds to the represen­
Member States had decided to maintain between their                tative rate for that currency.
currencies the rates prevailing before 9 May 1971 , the            2. The representative rate referred to in paragraph 1
system of monetary compensatory amounts does not                   shall be : 1 Dutch guilder = 0-2904 units of account.
apply in trade between these countries which, for the
purposes of that system , are treated as one Member
State ;                                                                                         Article 2
Whereas on 15 September 1973 the Netherlands
government decided to raise the central rate for the               The provisions of Regulation ( EEC) No 1134/68 , in
Dutch guilder by 5 % ; whereas, therefore, the system              respect of an alteration of the relationship between
of monetary compensatory amounts should also apply                 the parity of the currency of a Member State and the
in trade between the Benelux countries , since for                 value of the unit of account, shall apply.
these Member States these amounts are calculated on
the basis of the difference between the central rate
                                                                                                 Article 3
and the parity for each currency, and this difference is
no longer the same for these countries ;                            1 . This Regulation shall enter into force on the day
Whereas, however, this result could be avoided by                  of its publication in the Official Journal of the Euro­
fixing, pursuant to the said Article 3 , a representative          pean Communities. However, at the request of the
exchange rate for the Dutch guilder so that the differ­            interested party it shall have effect as from 17
ence between the central rate and the representative               September 1 973 .
rate corresponds to the difference existing for the
                                                                   2.      It shall cease to have effect at such time as the
Belgian / Luxembourg franc between the central rate
and the parity ;                                                   Kingdom of the Netherlands shall declare a new
                                                                   parity to the International Monetary Fund .
(') OJ No 106 , 30 . 10 . 1962, p. 2553 / 62 .
(-) See p. 1 of this Official Journal .                            (■') O | No L. 1 SX , I. S. 1 968 , p . 1 .
 ---pagebreak--- 19 . 9 . 73                    Official Journal of the European Communities                        No L 263 /3
            This Regulation shall be binding in its entirety and directly applicable in all Member
            States .
            Done at Brussels, 19 September 1973 .
                                                                     For the Council
                                                                       The President
                                                                      I. NØRGAARD