CELEX: 51979PC0729
Language: en
Date: 1979-12-03
Title: PROPOSAL FOR A COUNCIL REGULATION (EEC) AMENDING, WITH RESPECT TO THE DANISH KRONE, REGULATION (EEC) No 878/77 ON THE EXCHANGE RATES TO BE APPLIED IN AGRICULTURE (presented by the Commission to the Council)

ARCHIVES HISTORIQUES
DE LA COMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (79) 729
Vol. 1979/0245
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 ---pagebreak---  COMMISSION OF THE EUROPEAN COMMUNITIES
                                                               COM(79)729 final
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                                                              Brussels / 3rd December 1979
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                  PROPOSAL FOR A COUNCIL REGULATION ( EEC )
                AMENDING , WITH RESPECT TO THE DANISH KRONE /
                REGULATION ( EEC )          No 878 / 77 ON THE EXCHANGE
                    RATES TO BE APPLIED IN AGRICULTURE
               (presented by the Commission to the Council )
C0M(79 > 729 final
 ---pagebreak---                           EXPLANATORY MEMORANDUM
      1 . On 30 November 1979 the central rate of the Danish krone has devalued ;
          the devaluation percentage is :                       '
                          5% In relation to other currencies
                          4.628X in relation to the Ecu .
      2 . The consequence with regard to agriculture would, in theory, be
          the introduction of MCA 's for Denmark based on a monetary gap of 4.9
          ( 3.4 if account is taken of the margin of tolerance ).
          In order to avoid such a consequence , the representative rate of the
          krone must be devalued accordingly .
         The effects of such a devaluation are set out in the following table :
          Représenta tive rates        Devaluation                Effect:s
      Previous       I     New                      on prices in        I   on MCA's
                                                    national currency
1 DKR=0, 135760 Ecu 1DKR=0, 129477 Ecu
                                           4.628%     * 4.852*                  0
1 Ecu=7, 36594   DKR 1Ecu=7, 72336 DKR          »
 ---pagebreak---                         COUNCIL REGULATION ( EEC )
 amending , with respect to the Danish krone , Regulation ( EEC )
No 878 / 77 on the exchange rates to be applied in agriculture
THE COUNCIL OF 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 account
and the exchange rates to " be applied for the purposes of the common
agricultural policy ( 1 ), as last amended by Regulation ( EEC ) No 2543 / 73 ( 2 ),
and in particular Article 3 thereof ,
Having regard to the proposal from the Commission ,      "
               * .                      •            /
Whereas the representative rates currently applicable we're fixed by Council
Regulation ( EEC ) No 878 / 77 of 26 April 1977 on the exchange rates to be applied
in agriculture ( 3 ), as last amended by Regulation ( EEC ) No 2139 / 79 ( 4 );
Whereas with effect from 30 November 1979 a change in the central rate of the
Danish krone has occurred within the European monetary system; whereas this
change theoretically involvesthe introduction of monetary compensatory amounts
in Denmark ; whereas it is possible to avoid this effect by making a corresponding
change in the representative rate of the Danish krone ;
                                                                                     f
Whereas this rate must be adopted immediately in order to avoid the mtroduction-
of monetary compensatory amountsjin Denmark ;
Whereas the Monetary Committee wi 11 be consulted and whereas , in view of the
urgency , it is necessary to adopt the measures envisaged under the conditions
provided for in Article 3(2 ) of Regulation No 129,'
     '       .                                                    tt-à *
(1 ) OJ No       106 , 30 , 10»1962 , p. 2553 / 62
(2)  OJ No L     263 , 19 , 9,1973 ,  p*    1
(3)  OJ No L     106 , 29 » 4„1977>   p„   27
(4)  OJ No L     246 , 29 , 9,1979 ,  p*   76
                                                                                       f
 ---pagebreak---  HAS ADOPTED THIS REGULATION
                                  Article 1
 The following subparagraph is added to paragraph 8 of Article 2a of
 Regulation ( EEC ) No 878 / 77 :
 " This representative rate is replaced by that of
   1 Danish krone = 0.129477 Ecu
■ with effect from
   - 1 January 1980 1n the fisheries sector
   - 5 December 1979 in all other cases ".
                                  Article 2
 This Regulation shall enter Into force on 5 December 1979 .
 This Regulation shall be binding in its entirety and directly applicable
 in all Member States .         ~                    -
 Done at Brussels /                   •
                                               *                         '
                                                         For the Council
 ---pagebreak---                                                              S ra
                                                                     •21 G'
               B I ra li L           ρ
                                                               .~3 fa\   Λ                DATE » 30.11.1979
 1 . LIGUE IIUOGETAIRE - Titres 6 et 7                                                 entons « 10.956.636 Muce
                                                                                                                                J
 t. iiiiiiuit oc i* MESURE ! Règlement ( CEE ) n°                        / 79 du Conseil <iû                        1979
     modifiant , en.ee qui concerne la couronne danoise, le règlement ( CEE ) n° 878/ 77 ,
     relatif aux taux de change à appliquer dans le secteur agricole
 Ï. B«SE JUBUIOUE : art . 3 du R / 129 / 62
t . OBJECTIFS DE l * MESURE s
     Modification du taux représentatif de la couronne danoise afin d' éviter l' instau­
     ration de montants compensatoires monétaires . suite à la modification du taux pivo
     de la couronne danoise .
s. ÎMICEUUS FINANCIERES                     -   -       pteictE oc 12 ko ! s   excRcicc €N COURS ( 79 ) rxÉACice SUIVANT «n y
s.o »muses « u CM **«
      * OU ÛUCGE T 0£S C€                         • «
         (« esTriuTi:\s / if.Te«vtrjTîOfis )
                                                           ♦ 8,3 Muce                          (1 )             ♦ 8-3 Muce
                                                                                       I
      * Trrwr.
                                                                                       ••
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      • » ESSOo#CES P*C*9ÎS DCS CC
         < P«EUvE!lî%TS / C' CIT$ OC OOUANC )
      • «sua ie        Hwcgn.                                  Pallié                          (1 )
                         ··                   0       Γ    1980                1981                  1982
5.0.1      revisions ocs ooewses *                         ♦ 8,3               ♦ 8,3                 ♦ 8,3
5.Î.1      '«CVlSIC'iS oes « ECCÎTCS                           p. m .          p. m .                Ρ·η·
5.2    ROSE »E CM.CUL !
      L' impact sur les dépenses est dû à l' incidence du double taux de conversion .
      Dépenses danoises pour le budget 1980 : 626,6 Muce
      Coefficient du double taux de conversion avant dévaluation : 0,9964
      Coefficient du double taux de version après dévaluation                                        : 1,0095
6.0    FINAMCElcNT POSSIBLE PAR CREDITS INSCRITS AU CHAPITRE CONCERNE DU BUDGET EN COURS t' EXECUTlOM                JtXlX'MH
».1    FINANCEMENT P0SSI81E - PAR VIREMENT ENTRE CHAPITRES BU 0U0GET EN COURS D' EXECUTION                            0UI /X.XX
5 .? KECESSIT6 0*U& BUOGCT SUPPU*EMTM «                                                                               «X/ NON
6.3 CREDITS 4 INSCRIBE OANS US BUDGETS fUTuftS ^ '                                V                                   Our&tfX
TesERvJnofis i
( 1 ) Compte tenu des délais de paiement IMneldence financier de cette mesure
        sur l' exercice 1979 est négligeable .