§ Mr. Spearingasked the Minister of Agriculture, Fisheries and Food what adjustments will be required to the system of green currencies following the adoption of a European monetary system as envisaged by the Bremen conference.
§ Mr. Bishop:Monetary compensatory amounts are currently based on the European monetary unit of account (EMUA), the unit used for the operation of the European joint float or"snake ". The Commission is proposing that, following the adoption of a European monetary system, the ECU should be used instead of the EMUA for the MCA calculation. The Commission is also proposing that adjustments should be made to the numerical value of common prices and green rates to take account of the fact that the EMUA is currently worth about 21 per cent. more than the ECU. These adjustments would maintain the existing distribution of MCAs without affecting existing prices in national currencies.