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European Community (Currency Units)

Volume 974: debated on Wednesday 21 November 1979

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asked the Minister of Agriculture, Fisheries and Food (1) by what percentage the value of the EEC green currencies diverge from the market rate against the European currency unit;(2) by what percentage the green rate for each currency in the EEC varies from the market rate of the currency against the European currency unit at the latest convenient date; and what the variation would have been if the European currency unit had not been artificially increased for accounting purposes as a consequence of setting up the European monetary system.

The percentage differences between the green rate for each currency and its market rate against the European currency unit on 13 November are shown in the following table. It is impossible to say what these percentage differences would have been if green rates and common prices had not been numerically increased to maintain their former values when the ECU replaced the previous unit of account in agriculture; subsequent green rate changes, and probably also common price decisions, might well have been different from those which actually took place.

Per cent.
Germany+ 10·77
Netherlands+ 1·42
Belgium/Luxembourg+ 0·92
Denmark+ 0·44
Ireland- 1·92
France- 4·62
Italy- 8·42
United Kingdom-11·22

Notes

1. Where a country has more than one green rate in operation, the most general one has been used.

2. These percentages are close to, but not exactly the same as those used in the calculation of the monetary compensatory amounts.