§ Mr. Spearingasked the Minister of Agriculture, Fisheries and Food what are the current rates of exchange between the EEC currencies and the European unit of account on the current representative rates for the agricultural unit of account; what is the current value of each of these units of account in dollars; and what would be the percentage increase or reduction in the level if common agricultural policy prices in each of the member States' green currencies (representative 673W rates) were abolished and prices expressed in terms of the European unit of account.
§ Mr. BishopThe market rates of exchange between EEC currencies and the
EUA Market rate Representative rate Currency unit (national currency per unit of account) Belgium and Luxembourg … … … 41.2369 49.3486 Francs Denmark … … … 6.61750 7.89407 Kroner Germany … … … 2.68382 3.48084 Marks France … … … 5.56129 5.63317 Francs Irish Republic … … … 0.651813 0.693424 Pounds Italy … … … 985.822 963.000 Lire Netherlands … … … 2.81030 3.40270 Guilders United Kingdom … … … 0.651813 0.569606 Pounds On 21st January the value of the EUA was 1.1795 dollars. The market rate of exchange between the US dollar and the agricultural unit of account for the period 19th to 25th January was one US dollar equals 0.751719 units of account, or 1.3303 US dollars per unit of account
I assume that, in the last part of his Question, my hon. Friend wishes to know what would be the effect on CAP prices in each member State if the market rate for the EUA quoted above were to be substituted for the current representative rate and if agricultural prices now expressed in agricultural units of account were to be expressed in EUA on the basis that one EUA equalled one agricultural unit of account. On that assumption the percentage price increases (+) or decreases (-) in CAP support prices in national currency would be:
per cent. Belgium and Luxembourg … -16.4 Denmark … -16.2 Germany … -22.9 France … -1.3 Irish Republic … -6 Italy … +2.4 Netherlands … -17.4 United Kingdom … +14.4