CELEX: 31973R0222
Language: en
Date: 1973-01-31 00:00:00
Title: Regulation (EEC) No 222/73 of the Council of 31 January 1973 on the exchange rates to be applied in agriculture for the currencies of the new Member States

No L 27/4                               Official Journal of the European Communities                                 1 . 2 . 73
                                REGULATION (EEC) No 222/73 OF THE COUNCIL
                                                      of 31 January 1973
                    on the exchange rates to be applied in agriculture for the currencies of the new
                                                        Member States
THE COUNCIL OF THE EUROPEAN COMMUNITIES,                           Whereas the power to fix prices and certain amounts
                                                                   is vested in the Council, acting by a qualified
                                                                   majority on a proposal from the Commission, either
Having regard to the Treaty establishing the                       under Article 62 ( 1 ) of the Act annexed to the Treaty
European Economic Community ;                                      concerning the Accession of new Member States to
                                                                   the European Economic Community and the
                                                                   European Atomic Energy Community (3), signed at
Having regard to Council Regulation No 129 (*) on                  Brussels on 22 January 1972, or under the regulations
the value of the unit of account and the exchange                  on the common organization of markets in
rates to be applied for the purposes of the common                 agriculture ;
agricultural policy, as amended by Regulation (EEC)
No 653/68 (2), and in particular Article 3 ( 1 ) thereof;
                                                                   HAS ADOPTED THIS REGULATION :
Having regard to the proposal from the Commission ;                                           Article 1
                                                                   1.     Where      transactions   to  be carried  out       in
Having regard to the Opinion of the Monetary                       pursuance of instruments relating to the common
Committee ;                                                        agricultural policy, or specific rules laid down under
                                                                   Article 235 of the Treaty, require the currencies of
                                                                   the new Member States to be expressed in another
Whereas the situation provided for in Article 3 ( 1 ) of           currency or in units of account, the rate of exchange
Regulation 129, permitting measures which derogate                 to be applied for the conversion of prices and other
from the principle of using parities for converting one            amounts fixed by the Council shall, in derogation
currency into another, now exists in the new Member                from Article 2 ( 1 ) of Regulation No 129, be :
States ;
                                                                   (a) for Denmark, the rate which corresponds to the
                                                                        central rate for Danish Kroner;
Whereas, from 1 February 1973 , the common
agricultural policy is to be applied in those Member               (b) for Ireland and the United Kingdom, the rate
States   in  accordance      with    transitional   measures            which corresponds to the representative rate for
which, in general, provide for a price level different                  the currencies of these two Member States .
from the common price level and on progressive
alignment towards that common price level ; >Vhereas
                                                                   2.      The representative rate referred to in paragraph
conversion rates should, therefore, be applied which               1 ( b) shall be :
are not based on parities but are more in line with
economic realities ;                                                £1 sterling = £1 Irish == 2-3499 US dollars = 2-1644
                                                                   units of account.
Whereas, taking this into account, the conversion rate
                                                                                              Article 2
for Denmark should be that which corresponds to
the central rate for Danish Kroner ; whereas for
Ireland and the United Kingdom, however, a                          This Regulation shall enter into force on 1 February
representative rate should be used calculated by                    1973 .
reference to the arithmetical average of the middle
rates on the exchange markets of the countries                     As regards the Member States referred to in Article 1 ,
concerned at midday during the first two weeks of                  it shall cease to be applicable to the currency of any
January 1973 ;                                                     one of these States, as soon as that State
                                                                   communicates a new par value to the International
                                                                   Monetary Fund.
 (!) OJ No 106, 30. 10. 1962, p. 2553/62.
 H OJ No L 123 , 31 . 5 . 1968, p. 4.                               (3) OJ No L 73, 27. 3 . 1972, p. 5.
 ---pagebreak--- 1 . 2. 73                      Official Journal of the European Communities                      No L 27/5
          This Regulation shall be binding in its entirety and directly applicable in all Member
          States .
          Done at Brussels, 31 January 1973 .
                                                                              For the Council
                                                                               The President
                                                                                A. LAVENS