Regulation 1998/2799 - Agrimonetary arrangements for the euro - Main contents
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official title
Council Regulation (EC) No 2799/98 of 15 December 1998 establishing agrimonetary arrangements for the euro| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 1998/2799 |
| Original proposal | COM(1998)367  |
| CELEX number i | 31998R2799 |
| Document | 15-12-1998 |
|---|---|
| Publication in Official Journal | 24-12-1998; Special edition in Maltese: Chapter 03 Volume 024,Special edition in Croatian: Chapter 03 Volume 002,Special edition in Hungarian: Chapter 03 Volume 024,Special edition in Lithuanian: Chapter 03 Volume 024,Special edition in Slovenian: Chapter 03 Volume 024,Special edition in Slovak: Chapter 03 Volume 024,Special edition in Czech: Chapter 03 Volume 024,Special edition in Bulgarian: Chapter 03 Volume 026,Special edition in Romanian: Chapter 03 Volume 026,OJ L 349, 24.12.1998,Special edition in Latvian: Chapter 03 Volume 024,Special edition in Estonian: Chapter 03 Volume 024,Special edition in Polish: Chapter 03 Volume 024 |
| Effect | 31-12-1998; Entry into force Date pub. + 7 See Art 11 01-01-1999; Application See Art 11 |
| End of validity | 31-12-2013; Repealed by 32013R1306 |
24.12.1998 |
EN |
Official Journal of the European Communities |
L 349/1 |
COUNCIL REGULATION (EC) No 2799/98
of 15 December 1998
establishing agrimonetary arrangements for the euro
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular Articles 42 and 43 thereof,
Having regard to the proposal from the Commission (1),
Having regard to the opinion of the European Parliament (2),
Having regard to the opinion of the Economic and Social Committee (3),
Having regard to the opinion of the Monetary Committee (4),
(1) |
Whereas Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro (5) provides that from 1 January 1999 the currency of the Member States participating in economic and monetary union shall be the euro; whereas the agrimonetary arrangements provided for on the basis of:
essentially consist in a system of specific agricultural conversion rates different from the actual exchange rates of the currencies; whereas such a system is incompatible with the introduction of the euro; whereas agrimonetary arrangements adapted to the new situation should therefore be established and the Regulations laying down the former agrimonetary arrangements should be repealed; |
(2) |
Whereas in the present monetary situation, where the gaps between exchange rates and agricultural conversion rates are moderate, it is possible to establish a simpler agrimonetary system closer to the actual monetary situation; whereas consequently the conversion into the national currency of the non-participating Member States prices and amounts fixed in euro in legal instruments relating to the common agricultural policy may be done with the exchange rate of the euro in those currencies; whereas such a provision has the further advantage of considerably simplifying the management of the common agricultural policy; |
(3) |
Whereas the rate of exchange of the euro into national currency may vary in the course of the period during which an operation is carried out; whereas the rate applicable to the amounts concerned must be determined; whereas in general account must be taken of the event through which the economic objective of the operation is attained; whereas the rate of exchange applied should be that of the date on which this event occurs; whereas it may be necessary to specify this operative event or to waive its application, observing certain criteria and in particular the rapidity with which currency movements are passed on; |
(4) |
Whereas, in cases of major currency revaluation with potential effects on prices and amounts other than direct aid, farm incomes may in certain conditions be reduced; whereas as a consequence provision could justifiably be made for temporary, degressive aid to offset the effects of revaluations, and keep pace with the development of agricultural prices in a manner compatible with the rules of the general economy; |
(5) |
Whereas specific rules adapted to the type of aid are required to offset the effects of major currency revaluations on the... |
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