HC Deb 10 March 1977 vol 927 c622W
23. Mr. Spearing

asked the Minister of Agriculture, Fisheries and Food if he will make a statement concerning the discrepancy between the EEC green unit of account and the EEC monetary unit of account and its effects on EEC food prices and levies.

Mr. Strang

Monetary compensatory amounts are in effect calculated from the percentage difference between a currency's green rate and its market exchange rate against the European monetary unit of account. The effective level of common agricultural support prices and import levies in each member State depends on the green rate and not on the base point for monetary compensatory amounts.

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