31973R2958

1 . 1 1 . 73 Official Journal of the European Communities No L 303 / 1

I

(Acts whose publication is obligator)

REGULATION ( EEC) No 2958 / 73 OF THE COUNCIL of 31 October 1973 on the exchange rate applied in agriculture for the Italian lire

THE COUNCIL OF THE EUROPEAN Whereas to fix such a representative rate would lead COMMUNITIES , to an adjustment of agricultural prices in Italy ; whereas this result is consistent with the basic prin­ ciple of uniformity of prices in the Community ; Having regard to the Treaty establishing the European whereas it was on the basis of this principle and its Economic Community ; consequences that specific provisions were laid down in Council Regulation (EEC) No 1 134/68 (') of 30 Having regard to Council Regulation No 129 (') on July 1968 laying down rules for the implementation the value of the unit of account and the exchange of Regulation (EEC) No 653/68 on conditions for alter­ rates to be applied for the purposes of the common ations to the value of the unit of account used for the agricultural policy, as last amended by Regulation common agricultural policy ; whereas these provisions ( EEC) No 2543/73 (2) and in particular Article 3 only cover the case of a change in the parity of a thereof ; currency ; whereas they should also be applied in this case ; Having regard to the proposal from the Commission ; Whereas the Monetary Committee has been consulted and whereas in view of the urgency entailed , the Whereas the - situation referred to in Article 3 ( 1 ) of measures envisaged should be adopted in accordance Regulation No 129, in which derogations may be with the conditions laid down in Article 3 (2) of Regu­ made from the principle of using par values for lation No 129 , converting one currency into another, now obtains in various Member States ;

Whereas, however, it has generally been possible to HAS ADOPTED THIS REGULATION : solve the problems posed by such a situation by applying monetary compensatory amounts, enabling exchange rates to be maintained which correspond to Article 1 the parities of the currencies concerned ; whereas this arrangement has led to different price levels in the Member States affected ; whereas it is possible to 1 . Where transactions to be carried out in pursu­ reduce the compensatory amounts at present appli­ ance of instruments relating to the common agricul­ cable in trade with Italy and thus take one step on the tural policy, or specific rules laid down under Article road back to uniform farm prices in the Community ; 235 of the Treaty, require the Italian lira to be expressed in another currency or in units of account, the rate of exchange to be applied for conversion Whereas this objective can be attained by fixing a shall , in derogation from Article 2 ( 1 ) of Regulation representative conversion rate for the Italian lira at a No 129, be the rate which corresponds to the represen­ level more closely related to the actual economic situa­ tative rate for that currency. tion — in agriculture — ; whereas in view of the consequences for price levels, the rate should be fixed 2. The representative rate referred to in paragraph I in stages ; whereas the most appropriate method shall be : would be to fix immediately a rate involving only a small change, while a second step in the desired direc­ (a ) with effect from 1 November 1973 : tion would be made within a reasonable time ; 100 Italian lira = 01 53846 units ol account (') OJ No L 106, 30 . 10 . 1962, p . 2553/ 62 . -') OJ No L 263 , 19 . 9 . 1973 , p . 1 . (') O | No L 1X8 , I. 8 . 1 968 , p .

No L 303/ 2 Official Journal of the European Communities 1 . 11 . 73

(b) with effect from 1 January 1974 : 2. However, the second subparagraph of Article 4 100 Italian lira = 0-147493 units of account . ( 1 ) of Regulation ( EEC) No 1134/68 shall not apply when the representative rate specified in Article 1 (2) Artie c 2 (b) is - introduced . Article 3 1 . Those provisions of Regulation (EEC) No 1134/ 68 which relate to an alteration of the relation­ This Regulation shall enter into force on the day of its ship between the parity of the currency of a Member publication in the Official Journal of the European Communities. State and the value of the unit of account, in parti­ cular Articles 4, 5 and 6 thereof, shall apply in respect It shall cease to have effect at such times as the Italian of each product concerned from the date on which Republic shall declare a new parity to the Interna­ the representative rate is fixed for that product. tional Monetary Fund .

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

Done at Brussels, 31 October 1973 .

For the Council

The President

Ib FREDERIKSEN