Council Regulation (EC) No 2990/95 of 18 December 1995 regulating compensation for appreciable reductions in the agricultural conversion rates before 1 July 1996

COUNCIL  REGULATION (EC) No 2990/95 of 18 December 1995 regulating compensation for appreciable reductions  in the agricultural conversion rates before 1 July 1996
THE COUNCIL OF THE EUROPEAN  UNION
,
Having regard to the Treaty establishing the European Community,
Having regard to the proposal from the Commission,
Having regard to Council Regulation (EEC) No 3813/92 of 28 December 1992 on the unit of account and  the conversion rates to be applied for the purposes of the common agricultural policy  (1), and in  particular Article 9 thereof,
Whereas Council Regulation (EC) No 1527/95 of 29 June 1995 regulating compensation for reductions  in the agricultural conversion rates of certain national currencies  (2) lays down special rules  applicable between 23 June 1995 and 1 January 1996 to currencies which experience during that  period an appreciable reduction in their agricultural conversion rate; whereas the risk of an  appreciable reduction in the agricultural conversion rates has arisen in the case of the Finnish  markka and the Swedish krona since monetary gaps of more than 5  % have occurred for those  currencies; whereas this situation could lead to an appreciable reduction in the agricultural  conversion rates after the period referred to in Regulation (EC) No 1527/95;
Whereas Article 9 of Regulation (EEC) No 3813/92 provides for the Council to take all necessary  measures in the event of an appreciable revaluation, which, primarily to comply with obligations  under the GATT Agreement and budgetary discipline, may involve derogations from the provisions of  the said Regulation concerning aid and the amount by which the monetary gaps are dismantled,  without, however, resulting in the threshold being extended; whereas the measures provided for in  Articles 7 and 8 of the said Regulation cannot be applied as they stand; whereas it is necessary to  take steps at Community level to prevent distortions of monetary origin affecting the  implementation of the common agricultural policy;
Whereas on the basis of the information available it is impossible to know what the situation will  be after 30 June 1996; whereas application of the rules laid down in Regulation (EC) No 1527/95  would be justified in similar cases up to that time; whereas the amounts of the aid provided for in  Regulation (EC) No 1527/95 must be determined using the criteria employed when that Regulation was  adopted, and in particular by reference to the most recent data available; whereas, in order to  reflect the most recent data available, the amount of the aid must be fixed for those Member  States, such as Finland and Sweden at present for which there is a risk of an appreciable reduction  in the agricultural conversion rate,