31973R0222

No L 27/4 Official Journal of the European Communities 1 . 2 . 73

REGULATION (EEC) No 222/73 OF THE COUNCIL of 31 January 1973

on the exchange rates to be applied in agriculture for the currencies of the new Member States

THE COUNCIL OF THE EUROPEAN COMMUNITIES, Whereas the power to fix prices and certain amounts is vested in the Council, acting by a qualified majority on a proposal from the Commission, either Having regard to the Treaty establishing the under Article 62 ( 1 ) of the Act annexed to the Treaty European Economic Community ; concerning the Accession of new Member States to the European Economic Community and the European Atomic Energy Community (3), signed at Having regard to Council Regulation No 129 (*) on Brussels on 22 January 1972, or under the regulations the value of the unit of account and the exchange on the common organization of markets in rates to be applied for the purposes of the common agriculture ; agricultural policy, as amended by Regulation (EEC) No 653/68 (2), and in particular Article 3 ( 1 ) thereof; HAS ADOPTED THIS REGULATION :

Having regard to the proposal from the Commission ; Article 1

1 . Where transactions to be carried out in Having regard to the Opinion of the Monetary pursuance of instruments relating to the common Committee ; agricultural policy, or specific rules laid down under Article 235 of the Treaty, require the currencies of the new Member States to be expressed in another Whereas the situation provided for in Article 3 ( 1 ) of currency or in units of account, the rate of exchange Regulation 129, permitting measures which derogate to be applied for the conversion of prices and other from the principle of using parities for converting one amounts fixed by the Council shall, in derogation currency into another, now exists in the new Member from Article 2 ( 1 ) of Regulation No 129, be : States ; (a) for Denmark, the rate which corresponds to the central rate for Danish Kroner; Whereas, from 1 February 1973 , the common agricultural policy is to be applied in those Member (b) for Ireland and the United Kingdom, the rate States in accordance with transitional measures which corresponds to the representative rate for which, in general, provide for a price level different the currencies of these two Member States . from the common price level and on progressive alignment towards that common price level ; >Vhereas 2. The representative rate referred to in paragraph conversion rates should, therefore, be applied which 1 ( b ) shall be : are not based on parities but are more in line with economic realities ; £1 sterling = £1 Irish == 2-3499 US dollars = 2-1644 units of account.

Whereas, taking this into account, the conversion rate Article 2 for Denmark should be that which corresponds to the central rate for Danish Kroner ; whereas for Ireland and the United Kingdom, however, a This Regulation shall enter into force on 1 February 1973 . representative rate should be used calculated by reference to the arithmetical average of the middle rates on the exchange markets of the countries As regards the Member States referred to in Article 1 , concerned at midday during the first two weeks of it shall cease to be applicable to the currency of any January 1973 ; one of these States, as soon as that State communicates a new par value to the International Monetary Fund.

(!) OJ No 106, 30. 10. 1962, p. 2553/62. H OJ No L 123 , 31 . 5 . 1968, p. 4. (3) OJ No L 73 , 27. 3 . 1972, p. 5 .

1 . 2 . 73 Official Journal of the European Communities No L 27/5

This Regulation shall be binding in its entirety and directly applicable in all Member States .

Done at Brussels, 31 January 1973 .

For the Council

The President A. LAVENS