CELEX: 51974PC1444
Language: en
Date: 1974-09-06
Title: Proposal for a REGULATION (EEC) OF THE COUNCIL fixing a new representative exchange rate to be applied in agriculture for the pound sterling and the Irish pound (submitted to the Council by the Commission)

ARCHIVES HISTORIQUES
DE LA COMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (74) 1444
Vol. 1974/0233
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 ---pagebreak--- COMMISSION OF THE EUROPEAN COMMUNITIES
                                           COM(74)1444 final
                                           Brussels , 6 September 1974
                      Proposal for a
              REGULATION ( EEC ) OF THE " COUNCIL
      fixing a new representative exchange rate to be
     applied in agriculture for the pound sterling
     and the Irish pound
      ( submitted to the Council by the Commission )
C0M(74 ) 1444 final
 ---pagebreak---   UnrQViaod translation
                                                       VÏ/2769/74-E
                             Proposal for a
                   REGULATION ( EEC ) OF THE COUNCIL
        fixing a new representative exchange rate to "be applied in
        agriculture for the pound sterling and the Irish pound .
 THE COUNCIL OP THE EUROPEAN COMMUNITIES ,
 Having regard to the Treaty establishing the European Economic Community ;
 Having regard to Council Regulation No 129         on the value of the unit of
 accouiit and the exchange rates to be applied for the purposes of the common
                                                                         (2)
 agricultural policy , as last amended by Regulation ( EEC ) NO 2543/73      ,
 and in particular Article 3 thereof ;
 Having regard to the proposal from the Commission ;
 Having regard to the Opinion of the European Parliament ;
 Whereas Council Regulation ( EEC ) No 222/73      of 31 January 1973 , as amended
 by Regulation (EEC ) No 5^0/73        and Commission 'Regulation (EEC ) NO 270/73^*^
 of 31 January 1973 fixed exchange rates to be' applied in agriculture for the
 currencies of the new Member States ;
 Whereas these rates were fixed with the aim of reflecting economic realities
 as closely as possible ; whereas this aim is not at present being achieved
 in the case of the United Kingdom and Irish currencies ; whereas the exchange
 rates actually recorded for these two currencies on exchange markets have
 shown a depreciation of the pound of up to about 15$ since that time ;
Whereas it is in the Community's interest to return to a single price system ;
whereas this aim can be furthered Ty fixing for the two currencies in question
a new representative rate which more closely reflects current eoonomio •
realities ; .
( 1 ) OJ No 106 , 30.10.1962 , p . 2553/62
(2)   OJ No L 263 , 19.9.1973 , p. 1
( 3)  OJ No L 27 , 1.2.1973 , p. 4
(4 )  OJ No L 55 , 28.2.1973 , p. 5
(5)   PJ No L 30 , 1.2.1973 , p. 77
 ---pagebreak---                                                     VI/2769/74-œ
                              - 2 -
 Whereas the problems raised "by any alteration of the relationship between
 the unit of account and a national currency have led to precise rules
 being laid down , in particular in Council Regulation ( EEC ) NO 1134/68
                                               ι
 of 30 July 1968 laying down rules for the implementation of Regulation
  ( ESC ) Mb 653/68 on oonditions for alterations to the value of the unit
 of account used for the common agricultural policy ; whereas these
 provisions deal only with alterations to the parity of a currency ; whereas
 they could also be applied in the present case ;
 Whereas the Monetary Committee will be consulted on the fixing of the new
 representative rates and whereas , in view of the urgency of the situation ,
 the measures provided for      should be adopted subject to the provisions of
 Article 3(2 ) of Regulation No 129 ;
 HAS ADOPTED THIS REGULATION :
                                 Article 1
 1.    Where transactions to be carried out in pursuance of instruments
 relating to the common agricultural polioy , or specifio rules laid down
 under Article 235 of "the Treaty , require the currencies of the new Member
 States to be expressed inaiother currency or in units of account , the
 exchange rate to be applied for the conversion of prices and other amounts
 fixed by the Counoil shall , in derogation from Artiole 2(l ) of
 Regulation No 129 , be that which corresponds to the representative rates
 for the currencies of those Member StateB .
 2.    The representative rates referred to in paragraph 1 shall be :
          ( a) for the Danish Kroner :
          the central rate for that currency ;
          ( b) for the pound sterling and the Irish pound :
          1 pound = 2.00 unit s of acoount .
                                Art i cl e 2
The provisions of Regulation ( EEC ) NO 1134/68 regarding the alteration
of the relationship between the parity of the currency of a Member State
and the value of the unit of aocount shall apply in respeot of alterations
to the representative rate for the pound .
( 6 ) .OJ-.No L 62,-8.3.1973 , P. 15
 ---pagebreak---                                                       VI/2769 /74-E
                             - 3 -
                           Article 3
 Regulations ( EEC ) NOS 222/73 AND- 270/73 shall "be repealed \ '
                           Article 4
1.  This Regulation shall enter into force on 1 Ootober 1974 *
2.  As regards the Member States referred to in Article 1 the representative
rate shall cease to be applicable to the currency of any one of these States ,
as soon as that     State communicates a new par value to the International
Monetary Fund .
This Regulation shall be binding in its entirety and directly applicable
in all Member States .
Done at Brussels ,                                         Por the Council
                                                            The President