CELEX: 51973PC2056
Language: en
Date: 1973-12-07
Title: PROPOSAL FOR A REGULATION (EEC) OF THE COUNCIL on the formation of a buffer stock of olive oil (submitted to the Council by the Commission)

ARCHIVES HISTORIQUES
DE LA COMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (73) 2056
Vol. 1973/0369
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 ---pagebreak--- COMMISSION OS THE EUROS-BAN COMMUNITIES
                                                            COM(73)2056 final
                                                            Brussels , 7 December 1973
                                 PROPOSAL FOR A
                        REGULATION ( EEC ) OF THE COUNCIL
               on the formation of a buffer stock of olive oil
                                          \
                 ( submitted to the Council by the Commission)
                                                          /
  COM(73 ) 2056 final
 ---pagebreak---                             EXPLANATORY MEMORANDUM
During its meeting of 19 and 20 November 1973 1 "k*1® Council adopted a Resolution
in which it requested the Commission to present to it , among other things , a
proposal for a regulation with a view to the establishment of a regulatory
stock of olive oil from the 1973/1974 harvest .
This proposal is a response to the request of the Council ; it is "based on the
criteria used by the Council in the aforementioned Resolution , with certain
additional details , in particular with respect to the deadline for the esta­
blishment of the stock and the conditions under which the oil which has been
bought should be sold on the market «
Financial Incidence .
Taking into account the foreseeable develpment of market prices , and on the
assumption that the oil will be put on sale during the 1973/1974 marketing year ,
thr proposal should not invalue a financial incidence for the Community , other
than that oaused by entry and exit costs , that is , 1,300,000 u.a.
Proposals in respect of the financial arrangements shall be detailed later .
 ---pagebreak---                              PROPOSAL FOR A
                     REGULATION ( EEC )      OP THE C0U1TCIL
                     on the formation of a buffer stock of olive oil
THE COUNCIL OF THE EUROPEAN COMMUNITIES ,
Having regard to the Treaty establishing the European Economic
Community ;
Having regard to Council Regulation No 136/66/EEC"'" of 22 September
1966 on the establishment of a common organization of the market
in oils and fats , as last amended by Regulation (EEC ) No           ,
and in particular Article 12 thereof;
Having regard to the proposal from the Commission ;
Whereas Article 12 of Regulation No 136/66 /EEC provides that , to
mitigate the effects of harvest fluctuations on the balance between
supply and demand and in this way to stabilize consumer prices , the
Council may require intervention agencies to form a buffer stock of
olive oil ;
Whereas in recent years there have been considerable fluctuations in
Community olive harvests ; whereas these fluctuations have had an
adverse effect on the olive oil market situation and on the stability
of consumer prices for this product ;
Whereas a good harvest is expected for the 1973/7** marketing year ;
whereas , in order to counteract effects referred to above , it would
seem desirable to set aside part of this year 's harvest as a buffer
stook of olive oil in Italy ;
Whereas in the interests of sound administration , offers for sale
must relate to the total quantity of oil produced by those making an
offer ;
Whereas , in view of price levels on the Community market , the purchase
price for the buffer stock should be fixed at a level not exceeding
that of the market target price ;
^OJOJ NoNo 172,
           L f
                30 September 1966 ,y p.T) • 3025/66.•
 ---pagebreak--- Whereas , in order to promote the formation of the stock , the
subsidy on oil purchased for the stock should be paid at the same
time as the purchase price ;
Whereas provision should be made for the buffer stock to be disposed
of as soon as it becomes apparent , in the light of the market
situation and the level of prices obtaining , that this is necessary ;
whereas , in order to encourage the stabilization of consumer prices ,
provision should be made for the stock to be disposed of on such
terms as will permit the level of prices to be as close as possible
to the market target price ;
 ---pagebreak---  *
                                - 2 -
HAS ADOPTED THIS REGULATION :
                              Article 1
The Italian intervention agency shall , by 1 March 197^, form a
buffer stock of olive oil .
                              Article 2
1.  The buffer stock shall consist exclusively of olive oil produced
    in Italy during the 1973/7 ^ marketing year .
2.  The total stock shall not exceed 75 000 metric tons .
                              Article 3 •
For the purposes of forming the buffer stock and subject to the
maximum tonnage specified in Article 2(2 ) , the Italian intervention
agency shall purchase on the terms set out in Article 5 olive oil
offered to it by producers .
                              Article k
1.  A producer offering oil to the intervention agency for the
    buffer stock may offer only oil which he has produced himself .
    His offer shall relate to the total quantity produced .
2.  All such offers shall be submitted in writing to the Italian
    intervention agency .
    The submission offer shall be treated also as an application for
    subsidy in respect of the quantities offered .
                              Article 5
1.  The purchase price for the oil offered shall not exceed the
    market target price ruling on the day on which the oil is
    delivered to the intervention agency .
2.  By way of derogation from the provisions of Regulation (EEC )
    No ..../73 and subject to compliance with the provisions of
    Article    the Italian intervention agency shall when paying the
    purchase price also pay to each seller the subsidy corresponding
    to the quantity bought for the buffer stock .
                              Article 6
The Member State concerned shall take all measures necessary to ensure
that the olive oil constituting the buffer stock remains in good
condition .
It shall inform the Commission of the measures taken to that end .
 ---pagebreak---                                   f k m
                                Article 7
When the market situation and the level of prices so require , a
decision shall be taken under Article 38 of Regulation No 136/66 /EEC
instructing the Italian intervention agency - to put the oil constituting
the buffer stock up for sale and laying down the terms for such sale .
The terms must , in particular , be such as to permit the level of
market prices to be as close as possible to the market target price .
                               Arti cle 8
All other rules for the implementation of this Regulation shall be
adopted in accordance with the procedure provided in Article 38 of
Regulation No 136/66 /EEC .     -
                                Article 9
This Regulation shall enter into force on the third day following .
its publication in the Official Journal of the European Communities .
This Regulation is binding in its entirety and directly applicable in all
Member STates .
Done at Brussels ,                                   For the Council
                                                     The President .