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COUNCIL REGULATION ( EEC ) NO 723/77

OF 5 APRIL 1977

AMENDING REGULATION ( EEC ) NO 557/76 AS REGARDS THE EXCHANGE RATE TO BE APPLIED IN AGRICULTURE FOR THE DANISH KRONER

THE COUNCIL OF THE EUROPEAN COMMUNITIES ,

HAVING REGARD TO THE TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY ,

HAVING REGARD TO COUNCIL REGULATION NO 129 ON THE VALUE OF THE UNIT OF ACCOUNT AND THE EXCHANGE RATES TO BE APPLIED FOR THE PURPOSES OF THE COMMON AGRICULTURAL POLICY ( 1 ) , AS LAST AMENDED BY REGULATION ( EEC ) NO 2543/73 ( 2 ) , AND IN PARTICULAR ARTICLE 3 THEREOF ,

HAVING REGARD TO THE PROPOSAL FROM THE COMMISSION ,

WHEREAS COUNCIL REGULATION ( EEC ) NO 557/76 OF 15 MARCH 1976 ON THE EXCHANGE RATES TO BE APPLIED IN AGRICULTURE AND REPEALING REGULATION ( EEC ) NO 475/75 ( 3 ) , AS LAST AMENDED BY REGULATION ( EEC ) NO 651/77 ( 4 ) , FIXED A REPRESENTATIVE RATE FOR THE DANISH KRONER ; WHEREAS THE MOVEMENT OF THIS CURRENCY INDICATES THE ADVISABILITY OF FIXING A NEW REPRESENTATIVE RATE WHICH WOULD REFLECT MORE CLOSELY THE REAL CURRENT ECONOMIC SITUATION ;

WHEREAS THE MONETARY COMMITTEE WILL BE CONSULTED ; WHEREAS , IN VIEW OF THE URGENCY OF THE MATTER , THE PROPOSED MEASURES SHOULD BE ADOPTED IN THE MANNER PROVIDED FOR IN ARTICLE 3 ( 2 ) OF REGULATION NO 129 ,

HAS ADOPTED THIS REGULATION :

ARTICLE 1

IN ARTICLE 2 ( 1 ) OF REGULATION ( EEC ) NO 557/76 , POINT ( B ) SHALL BE REPLACED BY THE FOLLOWING :

" ( B ) FOR THE DANISH KRONER :

ONE DANISH KRONER = 0,122877 UNIT OF ACCOUNT " .

ARTICLE 2

THE FOLLOWING PARAGRAPH SHALL BE ADDED TO ARTICLE 2 OF REGULATION ( EEC ) NO 557/76 :

" 8 . THE REPRESENTATIVE RATE FOR THE DANISH KRONER SHALL APPLY FROM 6 APRIL 1977 . "

ARTICLE 3

THIS REGULATION SHALL ENTER INTO FORCE ON THE DAY OF ITS PUBLICATION IN THE OFFICIAL JOURNAL OF THE EUROPEAN COMMUNITIES .

THIS REGULATION SHALL BE BINDING IN ITS ENTIRETY AND DIRECTLY APPLICABLE IN ALL MEMBER STATES .

DONE AT LUXEMBOURG , 5 APRIL 1977 .

FOR THE COUNCIL

THE PRESIDENT

D . OWEN

( 1 ) OJ NO 106 , 30 . 10 . 1962 , P . 2553/62 .

( 2 ) OJ NO L 263 , 19 . 9 . 1973 , P . 1 .

( 3 ) OJ NO L 67 , 15 . 3 . 1976 , P . 1 .

( 4 ) OJ NO L 82 , 31 . 3 . 1977 , P . 4 .