31973R0270
1 . 2 . 73 Official Journal of the European Communities No L 30/ 77
REGULATION (EEC) No 270/73 OF THE COMMISSION of 31 January 1973 on the exchange rate to be applied in agriculture for the currencies of the new Member States
THE COMMISSION OF THE EUROPEAN Whereas, the measure provided for in this Regula COMMUNITIES , tion, relating to prices or amounts to be fixed in ac cordance with the procedure laid down in Article 26 Having regard to the Treaty establishing the Euro of Council Regulation No 120/67/EEC (3) of 13 pean Economic Community ; June 1967 on the common organization of the mar ket in cereals, or in the corresponding Articles of the Having regard to Council Regulation No 129 (*) on other Regulations on the common organization of the value of the unit of account and the exchange agricultural markets , are in accordance with the rates to be applied for the purposes of the common Opinions of the Management Committees set up as agricultural policy, as amended by Regulation (EEC ) part of the common agricultural policies ; No 653 /68 (2), and in particular Article 3 ( 1 ) thereof ; HAS ADOPTED THIS REGULATION : Having regard to the Opinion of the Monetary Com mittee ; Article 1 Whereas the situation envisaged in Article 3(1 ) of 1 . Where transactions to be carried out in pursu Regulation No 129, permitting measures which ance of instruments relating to the common agricul derogate from the principle of parities for converting tural policy, or specific rules laid down under Art one currency into another, now arises in the new icle 235 of the Treaty, require the currencies of the Member States ; new Member States to be expressed in another cur rency or in units of account, the rate of exchange to Whereas the common agricultural policy is to be be applied for the conversion of prices and other applied in those Member States from 1 February amounts fixed by the Council shall, in derogation 1973 in accordance with transitional measures from Article 2 ( 1 ) of Regulation No 129 , be : which are, in general, based on a price level different from the common price level and on progressive ( a ) for Denmark, the central rate for Danish alignment towards that common price level ; whereas Kroner ; conversion rates should therefore be applied (b ) for Ireland and the United Kingdom, the repre which are not based on parities but are more in line sentative rate for the currencies of these two with economic realities ; Member States . Whereas, in these circumstances, the conversion rate 2 . The representative rate referred to in para for Denmark should be the central rate for Danish graph 1 (b ) shall be : Kroner ; whereas for Ireland and the United King £l sterling = £l Irish = 2-3499 $ US = 2-1644 units dom, however, a representative rate should be used of account . calculated by reference to the arithmetical average of Article 2 the middle rates on the exchange markets of the countries concerned at midday during the first two This Regulation shall enter into force on the day weeks of January 1973 ; of its publication in the Official Journal of the European Communities. Whereas power to fix prices and certain amounts is vested in the Commission, acting on the Opinion of It shall cease to be applicable to the currency of the relevant Management Committee, under Acts re any of the Member States named in Article 1 as lating to the common agricultural policy or under soon as such State communicates a new parity to the specific rules made under Article 235 of the Treaty ; International Monetary Fund .
This Regulation shall be binding in its entirety and directly applicable in all Member States .
Done at Brussels , 31 January 1973 . For the Commission The President
Francois-Xavier ORTOLI
(*) OJ No 106, 30. 10. 1962 , p . 2553/62 . (*) OJ No L 123 , 31 . 5 . 1968 , p . 4 . ( 3) OJ No 117, 19 . 6 . 1967, p . 2269/67 .