CELEX: 51977PC0673
Language: en
Date: 1977-12-09
Title: Proposal for a COUNCIL REGULATION amending Regulation (EEC) No 878/77 as regards the exchange rate for the French franc to be applied in agriculture (submitted to the Council by the Commission)

ARCHIVES HISTORIQUES
DE LA COMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (77) 673
Vol. 1977/0214
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 ---pagebreak---        COMMISSION OF THE EUROPEAN COMMUNITIES
                                                                   COM(77)673 final.
                                                                   Brussels . 9 December 1977 *
                                            Proposal for a
                                       COUNCIL REGULATION
               amending Regulation (EEC ) No 878/77 as regards the
               exchange rate for the French franc to "be applied in
                                            agriculture
                      ( submitted to the Council by the Commission )
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 ---pagebreak---                       EXPLANATORY MEMORANDUM
Council Regulation (EEC ) No 878/77 of 26 April 1977 on the exchange
rates to be applied in agriculture ( OJ No L 106 , 29.4«1977 , P * 27 ),
as last amended "by Regulation (EEC ) No 2024/77 ( OJ No L 235 , 14*9*1977 ,
p. l ) fixed a representative rate for the French franc .    There is a
considerable difference between this representative rate and the
current market rate , with the result that the monetary compensatory amounts
currently applicable are calculated by reference to a rate of 15*5 •
Prance has requested that the Commission propose the measures required
for adjusting the representative rate for the franc , with the 'aim of reducing
the monetary compensatory amounts currently applicable .    In view of the
present difference in the exchange rates , it is proposed to accede to the
French request and to alter the representative rate of the franc .
The following table   shows the effects of the proposed measures
    Old rate                             Deval * in          Effects
                                            *       on prices in $ I on MCA 's
FF 1 = 0.172995 ua FF 1 = 0,168670 ua      2.5         + 2,564       réduction
lua ± 578O5I FF      1 ua = 5,92874 FF                               of 2.9
                                                                     points
                                                                      (*)
France has also made known that it would welcome a further devaluation of
the representative rate for the French franc when the -decisions on farm
prices for 1978/79 are taken .  The Commission reserves the right to make
appropriate proposals on the matter .
(x ) on 5 December 1977 , the difference was 12.6 instead of 15*5
 ---pagebreak---                                Proposal for a
                       COUNCIL REGULATION No
                                   of
                       amending Regulation (EEC ) No 878/77 as
                      regards the exchange rate for the French franc
                       to "be applied in agriculture
 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 exchange rates to be applied
for the purposes of the common agricultural policy^, as last amended by
                                 2
Regulation (EEC ) No 2543/73 , and in particular Article 3 thereof ,
Having regard to the proposal from the Commission , * •
Whereas Council Regulation (EEC ) No 878/77 of 26 April 1977 on "the exchange
rates to be applied in agriculture^, as last amended by Regulation (EEC ) No
2024/77^* fixed a representative rate for the French franc ; whereas the
fluctuations of that currency make it appropriate that a new representative
rate should be fixed at a level closer to present economic reality ; whereas
that rate should be applied with effect from 1 February 197^;
Whereas the Monetary Committee will be consulted ; whereas in view of the urgency
of the matter , the measures envisaged should be adopted in the manner specified
in Article 3(2 ) of Regulation No 129 ,
HAS ADOPTED THIS REGULATION :
                                      Article 1
In Article 2(l ) of Regulation ( EEC ) No 878/77 , subparagraph (d ) is amended to
read as follows :
( d ) for the French franc ï
              1 French franc « O.I6867O unit of account .
(1)    OJ No 106 , 30.10.1962 , p. 2553/62
(2)    OJ No L 263 , 19-9 . 1973 , p. 1
(3)    OJ No 106 , 29.4.1977 , P. 27
(4)    OJ No L 235 , 14.9.1977 , P. 1
 ---pagebreak---                                Article 2
The following paragraph is added to Article 2 of Regulation (EEC ) No 878/771
"4 » The representative rate for the French franc fixed "by Regulation (EEC ) No
              shall apply with effect from 1 February 1978 ".
                               Article 3
This Regulation shall enter into force on the day of its publication in the
Official Journal of the European Communities .
This Regulation shall be binding in its.jentirety and directly applicable
in all Member States .
Done at Brussels                                         For the Council
 ---pagebreak---                                                                                                 VI/4587/77
                        FINANCIAL               STATEMENT
                                                                                         DATE 1    6.12.1977
                                                                                   «Mltl
     1 . Ifumber of relevant budget entry :                     Chapters 78 and. 79
     2. Title of project :                Proposal for a Council Regulation altering the representative
                                          rate to be applied in agrioulture for the French franc .
     3. LEGAL BASIS (         Regulation 129 , Article 3
    4 . Aims :        Downward realignment of representative rate for the French franc by 2.5>»
                      applicable with effect from 1.2 . 1978 *
    5. FINANCIAL Implications                     FOB THE MARKETING YEAH    1978    PINANCIAL YEAS     R CLLCWIKO FINANCIAL TEAS
    5.0 EXF'EI.'DITUäE
          -CHARGFIJ) TO TOR EC BUDGET
           ( H13U1J LS/I NTERV3TJTI 0N3 )             + 116.6 milliom         + 87*4 E million           + 116.6 E million
                                                          4        u.a .
                                                                                           U«cl *                             U « cl »
    5.1 RECEIPTS
          -OKI RESOURCES OF THE EC                + 4«o million                 4.0 ,'E      millior + 4*8 E million
           ( LEVI En/smjraXX&rEEEt)                         Usci *                         u.a *                     -    u.a .
         –NATIONAL
             Multiannual timetable                YEAS      15.80.         YEAR                        YEAR
                                                                                                                  1982
                                                                                                                 •••••••<
   5.0.1 of expenditure                    –       + 116.6 million EUA
   5 « l-V Multiannual timetable                   +     4.8       "        "
              of receipts
   5.2 KETiiOD OF CALCULATION
                          A ) Expenditure : MCA (without dual rate )                         + 59*5 million EUÀ
                                                dual rate on common
                                                organisation of markets                      + 6O.4 million EUA
                                                dual rate on MCA .                           -    3«-3 million EUA
                                                                                             + 116.6 million EUA
                          B ) Receipts : dual rate on levies                                 +     2.1 million EUA
                                             dual rate on sugar and
                                             isoglucose levies                               +    2.65 million EUA
                                                                                                             1 1          1            :<
j 6.0    Cam the project be financed from appropriations entered in the                                               XS^KO
         relevant ch&nter of current budget?                              ( 1978 )                                          :
pTT     FINANCING POSSIBLE BY TRANSFER              CHAFTEKS OF CURRENT BUDGi-T ?                                      YES/NO
■ 62    ULCzZJZLTY FCA A SUFPLKLS.'FARY BUDGET ?                                                                       YE3/K#
r Appropriations to be entered in future budgets?                                                                      TEZ/ Xtf -
  COFFILZHTS I