CELEX: 31974R2498
Language: en
Date: 1974-10-02 00:00:00
Title: Regulation (EEC) No 2498/74 of the Council of 2 October 1974 fixing representative conversion rates to be applied in agriculture for the currencies of the new Member States

No L 268/6                               Official Journal of the European Communities                               3 . 10 . 74
                                REGULATION (EEC) No 2498/74 OF THE COUNCIL
                                                        of 2 October 1974
               fixing representative conversion rates to be applied in agriculture for the curren­
                                                 cies of the new Member States
THE COUNCIL OF THE EUROPEAN                                         measures provided for should be adopted subject to
COMMUNITIES,                                                        the provisions of Article 3 (2) of Regulation No 129,
Having regard to the Treaty establishing the European
Economic Community ;
                                                                    HAS ADOPTED THIS REGULATION :
Having regard to Council Regulation No 129 (J) on
the value of the unit of account and the exchange
rates to be applied for the purposes of the common                                           Article 1
agricultural policy, as last amended by Regulation
(EEC) No 2543/73 (2), and in particular Article 3                   1 . Where transactions to be carried out in pursu­
thereof ;                                                           ance of instruments relating to the common agricul­
Having regard to the proposal from the Commission ;                 tural policy, or specific rules laid down under Article
                                                                    235 of the Treaty, require the currencies of the new
Having regard to the Opinion of the European Parlia­                Member States to be expressed in another currency or
ment ;
                                                                    in units of account, the rate of exchange to be applied
Whereas Regulation (EEC) No 222/73 (3), as amended                  for the conversion of prices and other amounts shall,
by Regulation (EEC) No 560/73 (4), and Regulation                   in derogation from Article 2 (1 ) of Regulation No 129,
(EEC) No 270/73 (5), as amended by Regulation (EEC)                 be that which corresponds to the representative rates
No 657/73 (6), fixed conversion rates to be applied in              for the currencies of those Member States .
agriculture for the currencies of the new Member
States ;                                                            2.     The representative rates referred to in paragraph
                                                                     1 shall be :
Whereas these rates were fixed with the aim of
reflecting economic realities as closely as possible ;              (a) for the Danish Kroner :
whereas this aim is no longer being achieved in the
case of the United Kingdom and Irish currencies ;                        the central rate for that currency ;
whereas the conversion rates actually recorded for                  (b) for the Irish pound :
these two currencies on exchange markets have since
shown a significant depreciation ;                                       £1 Irish = 1-9485 units of account ;
Whereas it is in the Community's interest to return to              (c) for the pound sterling :
a single price system ; whereas this aim can be
furthered by fixing for each of the two currencies in                    £1 sterling = 2-0053 units of account.
question a new representative rate which more closely
reflects current economic realities ;                                                        Article 2
Whereas the problems raised by any alteration of the
relationship between the unit of account and a                      The provisions of Regulation , (EEC) No 1 1 34/68
national currency have led to rules being adopted in                regarding the alteration of the relationship between
the matter, in particular Council Regulation (EEC) No               the parity of the currency of a Member State and the
 11 34/68 (7) of 30 July 1968 laying down rules for the             value of the unit of account shall apply in respect of
implementation of Regulation (EEC) No 653/68 on                     alterations to the representative rates for the Irish
conditions for alterations to the value of the unit of              pound and the pound sterling.
account used for the common agricultural policy ;
whereas these provisions deal only with alterations to
                                                                                             Article 3
the parity of a currency ; whereas they could also be
applied in the present case of alteration in a represen­
tative rate ;                                                        Regulation (EEC) No 222/73 shall be repealed.
Whereas the Monetary Committee will be consulted
on the fixing pf the new representative rates and                                            Article 4
whereas, in view of the urgency of the situation, the
                                                                     1.    This Regulation shall enter into force on 7
(■) OJ   No  106, 30. 10. 1962, p. 2553/62.                          October 1974.
(2). OJ  No  L 263, 19. 9. 1973, p. 1 .
(3) OJ   No  L 27, 1 . 2. 1973, p. 4.                                2. The representative rate shall cease to be appli­
(4) OJ   No  L 55, 28. 2. 1973, p. 5.                                cable to the currency of any of the Member States
(5) OJ   No  L 30, 1 . 2. 1973, p. 77.
                                                                     referred to in Article 1 as soon as that State communi­
(b) OJ   No  L 62, 8 . 3. 1973, p. 15.
(7) OJ   No  L 188, 1 . 8 . 1968, p. 1 .                             cates a new parity to the International Monetary Fund.
 ---pagebreak--- 3 . 10 . 74                    Official Journal of the European Communities                        No L 268/7
            This Regulation shall be binding in its entirety and directly applicable in all Member
            States.
            Done at Luxembourg, 2 October 1974.
                                                                     For the Council
                                                                       The President
                                                                       Ch . BONNET