CELEX: 51977PC0133
Language: en
Date: 1977-04-04
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 from the Commission to the Council)

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COM (77) 133
Vol. 1977/0050
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 ---pagebreak---    COMMISSION OF THE EUROPEAN COMMUNITIES
                                                     COM(77)133 final.
                                                     Brussels . 4 April 1977 *
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                                    Proposal
                              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 from the Commission to the Council)
CCM(77 ) 133 final
 ---pagebreak---                        EXPLANATORY MEMORANDUM
Council Regulation (EEC ) Ko 557/ 76 of 15 March 1976 on the exchange
rates applicable in the agricultural sector ( see OJ No L 67 of 15 March
1976 , page l ) as last amended by Regulation (EEC ) No 651/77 (OJ No L 82 ,
31.3.1977 , p. 4) fixed a representative rate for the Danish kroner , which
corresponded to the central rate for this currency .
On 1st April 1977 Denmark deoided to change the central rate for their
currency, devaluating by                                               ^
Denmark asked the Commission to take the necessary measures to adjust the
representative rate for the kroner , to avoid introducing monetary
compensatory amounts (m.c.a.) for Denmark.
As the green rate and the central rate for the kroner have so far coincided,
no m.c.a. was applicable to Denmark; furthermore that country was , because
of this situation, the only Member State where the price level corresponded
to the "common level ".
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 measures
                                                                  Effects
former rate                new rate             deval .  on prices on m.c.a.
                                                in %     in    fo     in points
Dkr 1 « 0,126677 ua     Dkr 1 « 0,122877 ua
                                                  3         +3,093        '0
1 u.a. -7 f 89407 Dkr   1 u.a. - 8,13822 Dkr
 ---pagebreak---                                   1          , COUNCIL (REGULATIQN (EEC) No '
                                                    *.        Oi •                    ♦
                     Amending Regulation (EEC) No 557/76 %$ regards the exchange rat* to be
                                        •pplied, ia |he agricultural sector, for the Panish kroner
  THE COUNCIL OF THE EUROPEAN                                            HAS ADOPTED THIS REGULATION :
  COMMUNITIES.
                                                                                                 . Article /
  Having regard to the Treaty establishing the European
  Economic Community,                                                    In Article 2 ( I ) of Regulation (EEC) No 5S7/76, point
  Having regard to Council Regulation No 12V on the
                                                                        (b) shall be replaced by. the following :
  value of the unit of account and the exchange rates to                    '(b) for the Danish kronv* :
  be applied for the purpose of the common agricultural                          Dkr I - 0.122877 unit of account *
  policy (' ), as last amended by Regulation (EEC) No
  254.V75 ("), and in particular Article J thereof.                                                Artide 2
  Having regard to the proposal from the Commission,                    The following paragraph shall be lidded to Article 2 of
                                                                         Regulation (EEC) No 557/76 :
  Whereas Council Regulation (EEC) No 557/76 of IS                       H 8. The representative rat<: for the Danish
  March | V~<> nn the exchange rates.to.be applied in                       kroner as fixed by Regulation (EEC) No I             fr
  agriculture and repealing Regulation (EEC) No                           . shall be applicable from : 6 April 1977 *
  475/75 (>). j* !»>t amended by Regulation (EEC) No
65l/77                         a representative rate for the Danish
" kroner :                  the movement of this currency indi­
  cates tl>     nH • ibilitv of fixing a new representative
  rate wh       : . f' .-. t--      re closely the real economic situ­
  ation :
  vi'hercas ;!u Monetary Committee will be consulted ;                                             Artnie J
  whereas, in view of the urgency ol the matter, the
  proposed measures should be adopted under the                         This Regulation sh.ill enter into force 6 April 1977
 conditions laid down in Article 3 (2) of Regulation No
  12V.
                    This Regulation shall be landing in its entirety and directly applicable in all K|ember
                    Sotes.
                    Done at Luxembourg,
                                                                                    for th* Council
                                                                                      Tht Prrsidcnt
 f ■ n # of présent Régulation .
(') OJ No I »*. U» Iti.                   p. 2553/62.
(•') OJ No l X. I ». t. IV7J. p l .
(») OJ No I. «»7. I * .1. IV76. p. «.
HOJ No I 82 of 31.3.1977 , p. 4
 ---pagebreak---                      FINANCIAL         STATEMENT
                                                                               DATS I
                                                                                           4.4.1977
  1 . BUDGET LINS C0HCË1WED T 790
  2. ACTION i Proposed. Council Regulation , modifying Regulation 557/ 7 6 in so far as it
     relates to the rate of exchange               to be applied, in the agricultural sector for
     the Danish Crown .
  3. LEGAL BASIS T Regulation No . 129
 4. OBJECTIVES i        Alignment of the representative rate of the Danish Crown to the central
                        rate of that currency.
 5. FINANCIAL CONSEQUENCE                  FOR THE MARKETING YEAR   CURRENT FINANCIAL TEAR  FOLLOWING FINANCIAL TEAR
 5.0 EXPENDITURE                                                         ±ZL±                      ( 7» )
       -CHARGED TO THE EC BUDGET
                     NTERVENTI ONS )
                                                ( 12 monthg
        Effect of the double rate            + 15 Mu.a                 + 10 Mua                  + 15 Maa
 5.X RECEIPTS
      –OVIN RES0URC2S OP T!!E EC
        ( LEvi ES/taaaœescHHXBBi
                                                             negligible
      JHXXSGXXDC
                                          TEAR •••••(»••••• ...    TEAR        U. „
                                                                                                      80
                                                                                            TEAR      R.R. ...
5.0.1 PUJRI ANNUAL PATTERN OF EXPENDITURE     + 15 Mua                 + 15 Mua                  + 15 Mua
5.1.1 PLURI ANNUAL PATTERN OF RECEIPTS                       negligible
5.2 METHOD OF CALCULATION
      The proposition vrill avoid the introduction of MCA 's in trade with Denmark ,
      By this means the financial effeot is limited to an increase in the effect
       of the double rate of about 3 % on the volume of Danish expenditure in the name
       of EAGGP-Guarantee .
      Effect on 12 months : + 15 Mua
      Effect on the 1977 budget :( 8/l2 ) + 10 Mua
6.0 FINANCING POSSIBLE WITH CREDITS INSCRIBED IN RELEVANT CHAPTER OF CURRENT BUDGET T
6.1 FINANCING POSSIBLE BY TRANSFER BBTRFEEH CHAPTERS OF CURRE.VT BUDGET ?                             XKXNO
6.2 NECESSITY FOR A SUPPLEMENTARY BUDGET ?                                                       l)    TES/MX
6.3 CREDITS TO BE WRITTEN INTO FUTURE BUDGETS ?                                                       TES/KQC
COHXENTS T
 l ) Amount to be recovered in the rectifying letter for titles 6 and 7 ( Guarantee
       section of the EAGGP) in the supplementary budget .