CELEX: 51976PC0569
Language: en
Date: 1976-10-21
Title: PROPOSAL FOR A COUNCIL REGULATION (EEC) amending Regulation (EEC) No 557/76 as regards the exchange rate to be applied, in the agricultural sector, for the Danish kroner (Submitted by the Commission to the Council)

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DOCUMENTS "COM"
COM (76) 569
Vol. 1976/0174
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 ---pagebreak--- COMMISSION OF THE EUROPEAN COMMUNITIES
                                                          COM(76)569 final
                                               Bruxelles , 21 October 197^
                                                                                 '
                                                                 V      <            •
             PROPOSAL FOR A COUNCIL REGULATION ( EEC )
                                                                     •     t, ;t
                                                                       I 'k       *
                                                                   ^      y \
                                                                                   )
     amending Regulation (EEC ) No 557/76 as regard.a the exchange
     rate to be applied , in the agricultural sector , for the
              /             \ ■      .                         ■
     Danish kroner
                                                          y
                                       ■  ■ ■ . I  ■
                    ( Submitted "by the Commission to the Council )
                                                           /
 ---pagebreak---                              EXPLANATORY MEMORANDUM
  Council Regulation (EEC ) Sfo 557/ 76 of 15 March 1976 on the exchange rat ft &
  applicable in the agricultural Beet or ( see OJ No L67 of 15 March 1976 , page 1 )
 fixed a representative rate for the Danish kroner , which corresponded to th«
 censra ?. rate for this currency .
                                                                                    i      ï
 On 17 October 1976 Germany and Denmark decided to change the central r&t
 for their currencies .    With effect from 18 October 1976 ,, the Deut schema?'-*'          ;    ;
 wan revalued upward s by 2% and the Danish kroner was devalued "by 4/' »                '
 By telex of 18 October Denmark asked the Commission to take the nec.0B3ary ■
measures to adjust the representative rate for the kroner , to avoi'i                          • \
 introducing monetary compensatory amounts (m.c.a .) for Denmark.                    "
As the green rate and the central rate for the kroner have so far coincide#. j ;' r         r    *
no            was applicable to Denmark ; furthermore that country was , because.-
cf this situation , the only Member State where the price level corresponded
t o the " coimacu level ".
However , following the alteration of the central rate , monetary couipei7ae.tory
amounts have "been introduced as from 20 October 1976 ;       they have been calculated
on the basis of a difference of 4® 2 .
It is proposed to meet the Danish request and alter the representative rate for
the kroner ,, so that it is the same as the central rate .                             ;
The following table shows the effects of the proposed measure ?
                                                                      Ex feet a
loneor rate                      new rata        deval .   on prices    •   on n»oC.a .
                                                 in %        in %           ia pointe
JJicr 1   o „ 131956 u.a .  Dkr 1 « 0.126
                                            Uo&t  4      . + 4^167           - 4-2*
1 u.a , <= 7.57826 Dkr      1 u.a , « 7 . 89407
                                            Dkr
  The m.c»a . currently applied will disappear with the entry into force of th«
  ruvw representative rate ™
 ---pagebreak---                                 COUNCIL REGULATION (EEC ) NO                  /76
                                             of
                       amending Regulation (ESC ) NO 557/76 AS regards the
                       exchange rate to be applied , in the agricultural
                       sector , for the Danish kroner
   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 purpose of the common agricultural
  policy 1 , as last -         . . -
                         amended     "by ~Regulation
                                              - . .  /_-_ Ä \ w
                                                     (EEC           - I-Jd.
                                                            ) No 2543/73    t     in particular
  Article 3 thereof ,
  Bs;vi.ug regard to the proposal from the Commission ,
  Wfcersae Council Regulation (EEC ) No 557/76 of 15 March 1 976 on the exchange
  rates to be applied in agriculture and repealing Regulation (EEC) No 475/75^»
  ap last amended by Regulation (EEC) No 2423/76^, fixed a representative rate
  for the Danish kroner ;           whereas in view of the trend of that currency it is
  advisable to fix a new representative rate more in line with economic
 reality , and whereas this rate should be applied in principle on the dates
 when prices are changed ;
 Whereas the Monetary Committee will be consulted and whereas , because they
 are urgently needed^ the measures envisaged should be adopted in the conditions
 provided for in Article 3(2 ) of Regulation No 129 ,
 RkS ADOPTED TKI3 REGULATION :
                                        Article 1
The following shall be substituted for Article 2(l)(b) of Regulation (EEC ) No 557/76 :
     "(b) for the Danish kroner :
             Dlcr 1 ■ 0.126677 unit of account ;"
•       HIH-WIIMWIW–        tammmm–
  'OJ No 106 , 30.10.1962 , p . 2553/62
^CJ lío L 263, 19*9-1973, p.1
¿OJ No L 67 , 15.3.1976 , p.1
40J No L 274 , 6.10.1976 , p»1
 ---pagebreak---                              Article 2
The following paragraph shall "be added to Article 2 of Regulation (EEC ) No 557/ 76
" 3® The representative rate for the Danish kroner fixed "by Regulation (EEC ) No
 shall be applicable from :
 ( a.) the dates referred to in paragraph 2 ("b ) and ( o ) for the products mentioned
       therein ;                                                                      •••
( b ) the beginning of the 1976/77 marketing year for the other products for which
       the marketing year has not commenced on                *»
(o)                   * in all other cases".
                            Article 3                                                        ^
                                                                                 // 'V ; . '• \ '
This Regulation shall enter into force on the third day following the day of its
pubii cation in the Official Journal of the European Communities .
This Regulation shall "be binding in its entirety and directly applicable in
all Member States .
Done at Luxembourg ,                              For the Council ,
                                                  The President
  uafce oi entry into force of this Regulation .
 ---pagebreak---                         FIMïîCIAL STATEMENT
                                                                                DATE : 20 » 10 . 1976
         io ÆLSfl'iM? BlSJQiST KE'ADUGs 13'[6s Tit le s 6 and 7 ; 1977 ? Chapter 47
                                *»"""< Proposal for a Council Regulation amending the ©xchangt
             rats to be applied for the Banish kroner in agriculture
  I 3o WDklr BASIS ? .                , , _ _                                                                                            \
  I                            ' Article 3 of Régulation 129                                                                             (
       4 * PvhPOSji OF MEASURES Alteration of the representative . rate "by /$> to allow for the
            no*~appli«wwi©a of monetary oompensatox-y amowits as was the case "before the recent
            alteration. ot th® central rate for the kroner and as was planned in the 1976 and
             PJC> Budgets ,
       5 * FISMCIAL                                 is; mabk           CUPJREÎIT FIKMCIAL                 POLMWIFJ                ~~"
            IOTUGATIOBB           (dnal rate )           YEAR             YEAR 1976                STFMCIAT, TEAR 77
j 5^0 SXPEtTDITLÎRîS
             "» out ©:f $0 Budget
I                 (rafuads/i&t orvent ion)        |   15 tø Xt,&e,   I     1 O » ■£>.& .                 15 œ i3.«ao                   j
                                                                                                  I
      3»j RECEIPTS                                                                                :
             ™- SO Own He sources
                 ( levies )                            0^.3 m. u.a »       negligible                     0·3 κ 'Λ^αο                  |
                                                     Yea>'              ϊΛΑΤ». ~ ~  -
                                                                                                    jL^5 ar ft o c* P O i <•■ e<
      5*0 . 1 Mi !Lfl Aff¥UAL TIMETABLE FOP
                iiXPMCITUKE
     5 * 1.1 MlrLTIjlîOiUAL TIMETA3I£ FOR                                                                                             !
                RECEIPTS
                                                                                                                                      !
     >2         MIS'ffiCQ OP CALCULATION
                  •By reftsre-ice to the situation exi citing "before 20 October 1976 , The alteration
                   of the representative rate will involve a dtial conversion rate effect of 4/L
                   On^the "baaxe of a level of expenditure of 370 m u.a. in twelve , months this
                   ej..fsct, aaiosmt® to 15 a u»a. f and for receipts , levies and subscriptions
                   {*- o 13 a,B ,) to 0«3 a u.a 0
    <**        FIUMlCXm POSSIBLE BY APPROPRIATIONS E2IT33I<ED IN THE EELEV.ABT CII4PTEH OF TEE
                CURBSHT .TBU.0Gîsr                                                                                             y-^
    6.1
    to , 3     APPEOP&TATI0N3 TO EE ESTERED IN FBTBRE BUDGETS                                                    1XS/N0
    *MAJBKi3s Disregarding the application, from 20 October 197 6 of ai.c . a.s of 4*2 points .