CELEX: 31993R2711
Language: en
Date: 1993-10-01 00:00:00
Title: Commission Regulation (EEC) No 2711/93 of 30 September 1993 derogating, for a limited period, from the provisions for systematic adjustment of the agricultural conversion rates

No L 245/ 134                           Official Journal of the European Communities                                1 . 10. 93
                                    COMMISSION REGULATION (EEC) No 2711/93
                                                    of 30 September 1993
                  derogating, for a limited period, from the provisions for systematic adjustment
                                            of die agricultural conversion rates
THE COMMISSION OF THE EUROPEAN COMMUNITIES,                        No 3813/92 in order to avoid an adverse impact on the
                                                                  functioning of the agricultural markets and, in certain
Having regard to the Treaty establishing the European             situations on producers' incomes and in order not to
Economic Community,                                               jeopardize the implementation of the reform of the
Having regard to Council Regulation (EEC) No 3813/92              common agricultural policy ; whereas, in view of the
of 29 December 1992 on the unit of account and the                essential public interest in avoiding such exceptional
conversion rates to be applied for the purposes of the            disruptions, adjustments to the agricultural conversion
common agricultural         policy ('),  and    in  particular     rates should therefore be suspended for a limited period ;
Article 11 (2) thereof,                                           whereas it is necessary to ensure, however, that certain
                                                                  monetary gaps do not trigger movements of products on
Whereas the Ministers of Finance and the Governors of             the markets,
the Central Banks decided on 2 August 1993 to tempora­
rily raise to 15 % the marginal intervention thresholds
applicable to participants in the European Exchange Rate           HAS ADOPTED THIS REGULATION :
System ; whereas, from the agrimonetary point of view, all
Member State currencies are to be considered, tempora­
                                                                                            Article 1
rily, floating currencies in accordance with Article 1 (b) of
Regulation (EEC) No 3813/92 ; whereas, under Article 4            Without prejudice to possibilities of adopting measures to
of that Regulation, the agricultural conversion rates for         avoid potential deflections of trade, adjustments of the
floating currencies shall be aligned more closely on the          agricultural conversion rates as provided for in Article 4 of
representative market rates so as to maintain the mone­            Regulation (EEC) No 3813/92 shall be suspended until
tary gaps within certain limits ;                                 20 October 1993.
Whereas this monetary situation increases the risk of
frequent and substantial adjustments in the case of all the                                 Article 2
agricultural conversion rates ; whereas, it is therefore
necessary to derogate from Article 4 of Regulation (EEC)          This Regulation shall enter into force on 1 October 1993.
                  This Regulation shall be binding in its entirety and directly applicable in all Member
                  States.
                  Done at Brussels, 30 September 1993.
                                                                            For the Commission
                                                                              Rene STEICHEN
                                                                        Member of the Commission
(') OJ No L 387, 31 . 12. 1992, p. 1 .