31975R0475

No L 52/28 Official Journal of the European Communities 28 . 2 . 75

REGULATION (EEC) No 475/75 OF THE COUNCIL

of 27 February 1975

on the exchange rates to be applied in agriculture

THE COUNCIL OF THE EUROPEAN whose currencies have depreciated, the monetary COMMUNITIES, compensatory amounts currently applied should be reduced ;

Having regard to the Treaty establishing the Whereas this objective can be attained by fixing European Economic Community, and in particular a representative rate for the currencies of the Member Articles 28 , 43 and 235 thereof; States concerned at a level more closely related to the actual economic situation in agriculture; whereas these rates should be set out in a single Having regard to Council Regulation No 129 (x) on text ; the value of the unit of account and the exchange rates to be applied for the purposes of the common Whereas it is also possible to reduce the impact of agricultural policy, as last amended by Regulation compensatory amounts in those Member States (EEC) No 2543 /73 (2), and in particular Article 3 whose currencies have depreciated ; thereof ;

Whereas to fix such a representative rate would lead Having regard to the proposal from the Commission ; to an adjustment of agricultural prices ; whereas the problems raised by the modification of exchange rates are the subject of legal provisions, and in Having regard to the Opinion of the European particular Council Regulation (EEC) No 1134/68 (3) Parliament ; of 30 July 1968 laying down rules for the implementation of Regulation (EEC) No 653/68 on conditions for alterations to the value of the unit Having regard to the Opinion of the Economic and of account used for the common agricultural Social Committee ; policy ; whereas these provisions only cover the case of a change in the parity of a currency ; whereas they should also be applied in this case ; Whereas the situation referred to in Article 3 ( 1 ) of Regulation No 129, in respect of which derogations may be made from the principle of using parities Whereas the impact of this measure on the economy for converting one currency into another, now of the Member States concerned should be moderated obtains in various Member States ; as far as possible ; whereas provision should therefore be made for the adjustment of prices and amounts fixed in units of account to take place within a Whereas, however, it has generally been possible reasonable period linked in principle to the beginning to solve the problems posed by such a situation by of the marketing year or to a change in prices, and applying monetary compensatory amounts, enabling for this to be done to the extent necessary to prevent, exchange rates to be maintained which correspond in particular, a reduction in their levels in national to the parities of the currencies concerned ; whereas currencies ; this arrangement has led to different price levels in the Member States affected ; whereas in order to W hereas it is also necessary to ensure that the delay prevent the maintenance of unchanged rates for the in the automatic adjustment of prices does not cause common agricultural policy from leading to an difficulties for trade ; whereas to this end it is increase in the differences between price-levels necessary to take account of the effect of a delay expressed in national currencies when prices are in applying the new price level when fixing the increased, and in view of the fact that certain monetary compensatory amounts introduced by adjustments may be made to the rates to adapt them Council Regulation (EEC) No 974/71 (4) of to the real economic situations in the Member States 12 May 1971 on certain measures of conjunctural

(») OT No 106, 30. 10. 1962 , p . 2553 /62 . OJ No L 1 SS , 1 . 8 . 196S , p . 1 . ( 2 ) O f No L 263 , 19 . 9 . 1973 , p . 1 . 4 i OJ No L 106 , 12 . 5 . 1971 , p. 1 .

28 . 2 . 75 Official Journal of the European Communities No L 52/29

policy to be taken in agriculture following the Article 2 temporary widening of the margins of fluctuation for the currencies of certain Member States, as last 1 . The adjustment of the intervention and buying-in amended by Regulation (EEC) No 3259 /74 (*); prices fixed for the purposes of the common agricultural policy consequent on application of the Whereas in the beef and veal sector the market price new representative rates shall take place : has for some time been lower than the intervention (a) on 1 August 1975 for pigmeat; price; whereas it is necessary to be able to take this into account when fixing the monetary compensatory (b) on 16 September 1975 for milk and milk products amounts ; in the Benelux countries;

(c) on 16 December 1975 for wine ; Whereas the Monetary Committee will be consulted ; whereas, in view of the urgency, the measures (d) on 1 January 1976 for tobacco and fishery envisaged should be adopted in accordance with the products in Germany and the Benelux countries ; conditions laid down in Article 3 (2) of Regulation No 129 , (e ) at the beginning of the 1975/76 marketing year for the other products for which the marketing year has not commenced on the date on which this Regulation shall apply, and for milk and HAS ADOPTED THIS REGULATION : milk products in the Member States other than the Benelux countries ; Article 1 (f) in all other cases, on the date on which this Regulation shall apply. 1 . Where transactions to be carried out in pursuance of instruments relating to the common agricultural policy, or specific rules laid down under Article 2. However, in respect of eggs, poultry, ovalbumin 235 of the Treaty, require the currencies referred and lactalbumin, account shall be taken, until the to in paragraph 2 to be expressed in another end of the 1974/75 cereals marketing year, of the impact of the measures referred to in paragraph 1 . currency or in units of account, the rate of exchange shall, in derogation from Article 2 ( 1 ) of Regulation No 129, be the rate which corresponds to the Article 3 representative rate for that currency.

1 . The amounts to be paid by the Member States 2. The representative rate referred to in paragraph 1 in respect of other intervention operations on the shall be : internal market, in accordance with the regulations establishing a common organization of the (a) for the Belgian franc and the Luxembourg franc : agricultural markets, shall be fixed in the light of Bfr/Lfr 1 = 0-0201450 unit of account; the impact of the measures referred to in Article 2 .

(b ) for the Danish kroner : 2. For the products for which monetary Dkr 1 — 0-131956 unit of account ; compensatory amounts are applicable, account shall be taken in the fixing of these amounts of the impact (c) for the German mark: of the measures referred to in Article 2 . DM 1 = 0-279429 unit of account ;

3 . In the case where, when the Regulations (d) for the French franc : establishing a common organization of the FF 1 — 0-177520 unit of account ; agricultural markets are applied, the internal market prices are to be retained , the impact of the measures ( e) for the Irish pound : referred to in Article 2 shall be taken into £ 1 Irish = 1-86151 units of account ; consideration . ( f) for the Italian lira : Lit 100 — 0-116686 unit of account ; Article 4

(g) for the Dutch guilder : 1 . Detailed rules for the application of this Fl 1 = 0-292505 unit of account. Regulation, and in particular the modifications to be made on the basis of this Regulation, to other (h) for the English pound : prices and amounts fixed for the purposes of the £ 1 sterling = 1-96178 units of account. common agricultural policy, and to the amounts fixed in accordance with specific provisions under (») OJ No L 349, 28 . 12 . 1974, p. 10. Article 235 of the Treaty, shall be adopted in

No L 52/30 Official Journal of the European Communities 28 . 2 . 75

accordance with the procedure laid down in Article 6 Article 26 of Regulation No 120/67/EEC (*) or in the corresponding Article of the other Acts The provisions of Regulation (EEC) No 1134/68 in concerning agriculture establishing a similar respect of an alteration of the relationship between procedure as the case may be, if necessary by the parity of the currency of a Member State and derogation from the provisions for the fixing of the value of the unit of account, shall apply. prices laid down in the relevant regulations where and so long as strictly necessary to take account of this Regulation. Article 7

2. As regards the amounts fixed in units of account Council Regulation (EEC) No 2544/73 (2) of which are not connected with the fixing of prices, 19 September 1973 on the exchange rate to be applied these arrangements may consist of an increase of in agriculture for the Dutch guilder, Council 2-27% . Regulation (EEC) No 2498/74 (3) of 2 October 1974 fixing representative conversion rates to be applied in agriculture for the currencies of the new Member Article 5 States, and Article 1 of Council Regulation (EEC) No 2958/ 73 (4) of 31 October 1973 on the exchange 1 . The last subparagraph of Article 2 (1 ) (b) of rate applied in agriculture for the Italian lira, are Regulation (EEC) No 974/71 is replaced by the hereby repealed with effect from 3 March 1975 . following :

'However, this average shall be reduced by 1-25 Article 8 points in the case of Member States whose currencies have depreciated.' 1 . This Regulation shall enter into force on the day of its publication in the Official Journal of the 2. Paragraph 3 below is added to Article 2 of European Communities . Regulation (EEC) No 974/71 :

'3. Where the market price for adult bovine It shall apply from 3 March 1975. animals remains lower than the intervention price for a relatively long period, the monetary compensatory amounts applicable in the beef 2. The representative rate referred to in Article 1 and veal sector may be correspondingly modified shall cease to be applicable for the currency of a in accordance with the procedure laid down in Member State at such time as that State shall declare Article 6.' a new parity to the International Monetary Fund .

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

Done at Brussels , 27 February 1975 .

For the Council

The President

M. A. CLINTON

2) OJ No L 263 , 19 . 9. 1973 , p. 2 . (3 ) OJ No L 268 , 3 . 10 . 1974 , p. 6 . H OJ No 117 , 19 . 6. 1967 , p . 2269 /67 . (4 ) OJ No L 303 , 1 . 11 . 1973 , p. 1 .