Regulation (EEC) No 974/71 of the Council of 12 May 1971 on certain measures of conjunctural policy to be taken in agriculture following the temporary widening of the margins of fluctuation for the currencies of certain Member States

• Published date: 12 May 1971
• Official Gazette Publication: Journal officiel des Communautés européennes, L 106, 12 mai 1971,Official Journal#of the#European Communities#I#1971(I)

|

Regulation (EEC) No 974/71 of the Council of 12 May 1971 on certain measures of conjunctural policy to be taken in agriculture following the temporary widening of the margins of fluctuation for the currencies of certain Member States

Official Journal L 106 , 12/05/1971 P. 0001 - 0002
Danish special edition: Series I Chapter 1971(I) P. 0231
English special edition: Series I Chapter 1971(I) P. 0257
Greek special edition: Chapter 03 Volume 6 P. 0192

++++

( 1 ) OJ N 117 , 19 . 6 . 1967 , P . 2269/67 .

( 2 ) OJ N L 262 , 3 . 12 . 1970 , P . 1 .

REGULATION ( EEC ) N 974/71 OF THE COUNCIL

OF 12 MAY 1971

ON CERTAIN MEASURES OF CONJUNCTURAL POLICY TO BE TAKEN IN AGRICULTURE FOLLOWING THE TEMPORARY WIDENING OF THE MARGINS OF FLUCTUATION FOR THE CURRENCIES OF CERTAIN MEMBER STATES

THE COUNCIL OF THE EUROPEAN COMMUNITIES ,

HAVING REGARD TO THE TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY , AND IN PARTICULAR ARTICLE 103 THEREOF ;

HAVING REGARD TO THE PROPOSAL FROM THE COMMISSION ;

WHEREAS IN THE COURSE OF THE LAST FEW WEEKS CERTAIN FOREIGN EXCHANGE MARKETS WITHIN THE COMMUNITY HAVE BEEN DISTURBED BY SPECULATIVE MOVEMENTS INVOLVING AN ABNORMAL INFLUX OF SHORT-TERM CAPITAL ; WHEREAS THIS INFLUX WAS SUCH AS TO PROVOKE AN EXCESSIVE INCREASE IN THE VOLUME OF MONEY IN THE ECONOMIES CONCERNED AND , CONSEQUENTLY , DANGEROUS INFLATIONARY EFFECTS FOR ECONOMIC DEVELOPMENT ;

WHEREAS , IN ORDER TO PUT AN END TO THE ABNORMAL MOVEMENTS OF CAPITAL , THE COUNCIL WAS PREPARED TO ENVISAGE THAT IN CERTAIN CIRCUMSTANCES MEMBER STATES MAY , FOR A LIMITED PERIOD , WIDEN THE MARGINS OF FLUCTUATION FOR THE EXCHANGE RATES OF THEIR CURRENCIES IN RELATION TO THEIR PRESENT PARITIES ;

WHEREAS IF , IN ONE MEMBER STATE , THE CURRENT RATE OF EXCHANGE DEVIATES FROM THE OFFICIAL PARITY BY MORE THAN A SPECIFIED MARGIN...