31974R1424

7. 6 . 74 No L 150/39 Official Journal of the European Communities

REGULATION (EEC) No 1424/74 OF THE COUNCIL of 6 June 1974 amending in particular Regulation (EEC) No 2958/73 on the exchange rate applied in agriculture for the Italian lira

THE COUNCIL OF THE EUROPEAN the value of the unit of account used for the common COMMUNITIES, agricultural policy ; whereas these provisions cover only the case of a change in the parity of a currency ; Having regard to the Treaty establishing the European whereas they should also be applied in this case ; Economic Community, and in particular Article 103 whereas the new representative rate should therefore thereof ; be included in Regulation (EEC) No 2958 /73, the other provisions of which remain unchanged ; Having regard to Council Regulation No 1 29 (J) on the value of the unit of account and the exchange Whereas Article 4b of Council Regulation (EEC) No rates to be applied for the purposes of the common 974/71 (6) of 12 May 1971 on certain measures of agricultural policy, as last amended by Regulation conjunctural policy to be taken in agriculture (EEC) No 2543/73 (2), and in particular Article 3 following the temporary widening of the margins of thereof ; fluctuation for the currencies of certain Member States, as last amended by Regulation (EEC) No Having regard to the proposal from the Commission ; 3450/73 (7), provided that in principle the intervention and purchase prices applicable in Italy shall be fixed, Whereas Article 1 of Council Regulation (EEC) No until the end of the 1973/74 marketing year, at the 2958/73 (3) of 31 October 1973 on the exchange rate level resulting from the application of the provisions applied in agriculture for the Italian lira, as amended in force on 31 December 1973, expressed in Italian by Regulation (EEC) No 197/74 (4), provided for the lira ; application of representative rates for the Italian lira with effect from 1 November 1973, 1 January 1974 Whereas in view of the repercussions which the situa­ and 28 January 1974 ; tion on various markets in Italy is already having on the level of production and which it may therefore Whereas the economic situation in Italy necessitates have on the general balance of the economy, the inter­ taking another step towards uniformity of agricultural vention and purchase prices applicable in Italy should prices in the Community by fixing another more be increased by 1 2-5 % ; whereas, however, in respect realistic representative rate ; whereas this will enable of the next marketing year's durum wheat and olive the protective measures taken pursuant to Article 108 oil, provision should be made for the subsidy to be of the Treaty to be replaced by measures involving converted using the representative rate applicable on less disturbance of the functioning of the agricultural 28 January 1974, common market ;

Whereas the Monetary Committee will be consulted and whereas, in view of the urgency of the matter, the HAS ADOPTED THIS REGULATION : measures envisaged should be adopted under the conditions laid down in Article 3 (2) of Regulation No 129 ; Article 1 Whereas the fixing of such a representative rate would lead to an adjustment in the level of prices for agricul­ The following is added to Article 1 (2) of Regulation (EEC) No 2958/73 : tural, products in Italy ; whereas this result is consistent with the basic principle of uniformity of '(d) 100 Italian lira = 0-124844 units of account prices in the Community ; whereas it was on the basis with effect from a date to be fixed under the of this principle and its consequences that specific procedure laid down in Article 108(3) of the provisions were laid down, in particular in Council Treaty ; this date shall coincide with the date Regulation (EEC) No 11 34/68 (5) of 30 July 1968 on which the measures taken within the laying down rules for the implementation of Regula­ meaning of Article 7 (5) of the Commission tion (EEC) No 653/68 on conditions for alterations to Decision (8) of 8 May 1974 become appli­ cable'. (>) OJ No 106, 30. 10 . 1962, p. 2553/62. (2) OJ No L 263, 19 . 9 . 1973, p. 1 . (3) OJ No L 303, 1 . 11 . 1973, p. 1 . (6) OJ No L 106, 12. 5. 1971 , p. 1 . (4) OJ No L 22, 26. 1 . 1974, p. 2. (7) OJ No L 353, 22. 12. 1973, p. 25. («) OJ No L 188 , 1 . 8 . 1968 , p. 1 . (8) OJ No L 152, 8 . 6. 1974, p. 18 .

No L 150/40 Official Journal of the European Communities 7 . 6 . 74

Article 2 converted using the representative rate for the Italian lira applicable on 28 January 1974. 1 . As regards products for which the 1974/75 marketing year has not yet started, the intervention 3 . The measures referred to in this Article shall and purchase prices applicable in Italy shall be apply from the date referred to in Article 1 . increased by 12·5 % until that marketing year starts.

Article 4b of Regulation (EEC) No 974/71 shall be applied subject to the provisions of the first subpara­ Article 3 graph, except for the durum wheat and olive oil subsidies . This Regulation shall enter into force on the third day 2. The amounts of the durum wheat and the olive following its publication in the Official Journal of oil subsidies shall for the 1974/75 marketing year be the European Communities.

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

Done at Luxembourg, 6 June 1974. For the Council

The President

H. APEL