31993R2711

No L 245/ 134 1 . 10 . 93 Official Journal of the European Communities

COMMISSION REGULATION (EEC) No 2711/93 of 30 September 1993 derogating, for a limited period, from the provisions for systematic adjustment of die agricultural conversion rates

THE COMMISSION OF THE EUROPEAN COMMUNITIES, No 3813/92 in order to avoid an adverse impact on the functioning of the agricultural markets and, in certain Having regard to the Treaty establishing the European situations on producers' incomes and in order not to Economic Community, jeopardize the implementation of the reform of the Having regard to Council Regulation (EEC) No 3813/92 common agricultural policy ; whereas, in view of the of 29 December 1992 on the unit of account and the essential public interest in avoiding such exceptional conversion rates to be applied for the purposes of the disruptions, adjustments to the agricultural conversion common agricultural policy ('), and in particular rates should therefore be suspended for a limited period ; Article 11 (2) thereof, whereas it is necessary to ensure, however, that certain monetary gaps do not trigger movements of products on Whereas the Ministers of Finance and the Governors of the markets, the Central Banks decided on 2 August 1993 to tempora­ rily raise to 15 % the marginal intervention thresholds applicable to participants in the European Exchange Rate HAS ADOPTED THIS REGULATION : System ; whereas, from the agrimonetary point of view, all Member State currencies are to be considered, tempora­ Article 1 rily, floating currencies in accordance with Article 1 (b) of Regulation (EEC) No 3813/92 ; whereas, under Article 4 Without prejudice to possibilities of adopting measures to of that Regulation, the agricultural conversion rates for avoid potential deflections of trade, adjustments of the floating currencies shall be aligned more closely on the agricultural conversion rates as provided for in Article 4 of representative market rates so as to maintain the mone­ Regulation (EEC) No 3813/92 shall be suspended until tary gaps within certain limits ; 20 October 1993.

Whereas this monetary situation increases the risk of frequent and substantial adjustments in the case of all the Article 2 agricultural conversion rates ; whereas, it is therefore necessary to derogate from Article 4 of Regulation (EEC) This Regulation shall enter into force on 1 October 1993.

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

Done at Brussels, 30 September 1993.

For the Commission Rene STEICHEN Member of the Commission

(') OJ No L 387, 31 . 12. 1992, p. 1 .