CELEX: 31974R1424
Language: en
Date: 1974-06-06 00:00:00
Title: Regulation (EEC) No 1424/74 of the Council of 6 June 1974 amending in particular Regulation (EEC) No 2958/73 on the exchange rate applied in agriculture for the Italian lira

7. 6. 74                                 Official Journal of the European Communities                            No L 150/39
                                REGULATION (EEC) No 1424/74 OF THE COUNCIL
                                                         of 6 June 1974
               amending in particular Regulation (EEC) No 2958/73 on the exchange rate
                                          applied in agriculture for the Italian lira
THE COUNCIL OF THE EUROPEAN                                         the value of the unit of account used for the common
COMMUNITIES,                                                        agricultural policy ; whereas these provisions cover
                                                                    only the case of a change in the parity of a currency ;
Having regard to the Treaty establishing the European               whereas they should also be applied in this case ;
Economic Community, and in particular Article 103                   whereas the new representative rate should therefore
thereof ;                                                           be included in Regulation (EEC) No 2958 /73, the
                                                                    other provisions of which remain unchanged ;
Having regard to Council Regulation No 1 29 (J) on
the value of the unit of account and the exchange                   Whereas Article 4b of Council Regulation (EEC) No
rates to be applied for the purposes of the common                  974/71 (6) of 12 May 1971 on certain measures of
agricultural policy, as last amended by Regulation                  conjunctural policy to be taken in agriculture
(EEC) No 2543/73 (2), and in particular Article 3                   following the temporary widening of the margins of
thereof ;                                                           fluctuation    for the    currencies   of certain  Member
                                                                    States, as last amended by Regulation (EEC) No
Having regard to the proposal from the Commission ;                 3450/73 (7), provided that in principle the intervention
                                                                    and purchase prices applicable in Italy shall be fixed,
Whereas Article 1 of Council Regulation (EEC) No                    until the end of the 1973/74 marketing year, at the
2958/73 (3) of 31 October 1973 on the exchange rate                 level resulting from the application of the provisions
applied in agriculture for the Italian lira, as amended             in force on 31 December 1973, expressed in Italian
by Regulation (EEC) No 197/74 (4), provided for the                 lira ;
application of representative rates for the Italian lira
with effect from 1 November 1973, 1 January 1974                    Whereas in view of the repercussions which the situa­
 and 28 January 1974 ;                                              tion on various markets in Italy is already having on
                                                                    the level of production and which it may therefore
Whereas the economic situation in Italy necessitates                have on the general balance of the economy, the inter­
 taking another step towards uniformity of agricultural             vention and purchase prices applicable in Italy should
 prices in the Community by fixing another more                     be increased by 1 2-5 % ; whereas, however, in respect
 realistic representative rate ; whereas this will enable            of the next marketing year's durum wheat and olive
 the protective measures taken pursuant to Article 108               oil, provision should be made for the subsidy to be
 of the Treaty to be replaced by measures involving                  converted using the representative rate applicable on
 less disturbance of the functioning of the agricultural             28 January 1974,
 common market ;
 Whereas the Monetary Committee will be consulted
 and whereas, in view of the urgency of the matter, the              HAS ADOPTED THIS REGULATION :
 measures envisaged should be adopted under the
 conditions laid down in Article 3 (2) of Regulation No
 129 ;
                                                                                               Article 1
 Whereas the fixing of such a representative rate would
 lead to an adjustment in the level of prices for agricul­           The following is added to Article 1 (2) of Regulation
 tural, products in Italy ; whereas this result is                   (EEC) No 2958/73 :
 consistent with the basic principle of uniformity of
 prices in the Community ; whereas it was on the basis                    '(d) 100 Italian lira = 0-124844 units of account
                                                                               with effect from a date to be fixed under the
 of this principle and its consequences that specific
 provisions were laid down, in particular in Council                           procedure laid down in Article 108(3) of the
 Regulation (EEC) No 11 34/68 (5) of 30 July 1968                              Treaty ; this date shall coincide with the date
                                                                               on  which    the   measures   taken  within the
 laying down rules for the implementation of Regula­
 tion (EEC) No 653/68 on conditions for alterations to                         meaning of Article 7 (5) of the Commission
                                                                               Decision (8) of 8 May 1974 become appli­
                                                                               cable'.
 (>) OJ  No  106, 30. 10 . 1962, p. 2553/62.
 (2) OJ  No  L 263, 19 . 9. 1973, p. 1 .
 (3) OJ  No  L 303, 1 . 11 . 1973, p. 1 .                            (6) OJ No L 106, 12. 5. 1971 , p. 1 .
 (4) OJ  No  L 22, 26. 1 . 1974, p. 2.                               (7) OJ No L 353, 22. 12. 1973, p. 25.
 («) OJ  No  L 188, 1 . 8 . 1968, p. 1 .                             (8) OJ No L 152, 8. 6. 1974, p. 18.
 ---pagebreak--- No L 150/40                       Official Journal of the European Communities                             7. 6. 74
                        Article 2                           converted using the representative rate for the Italian
                                                            lira applicable on 28 January 1974.
1 . As regards products for which the 1974/75
marketing year has not yet started, the intervention        3.    The measures referred to in this Article shall
and purchase prices applicable in Italy shall be
increased by 12·5 % until that marketing year starts.       apply from the date referred to in Article 1 .
Article 4b of Regulation (EEC) No 974/71 shall be
applied subject to the provisions of the first subpara­                            Article 3
graph, except for the durum wheat and olive oil
subsidies.
                                                            This Regulation shall enter into force on the third day
2.    The amounts of the durum wheat and the olive          following its publication in the Official Journal of
oil subsidies shall for the 1974/75 marketing year be        the European Communities.
             This Regulation shall be binding in its entirety and directly applicable in all Member
              States.
              Done at Luxembourg, 6 June 1974.
                                                                        For the Council
                                                                         The President
                                                                            H. APEL