24.12.98 Official Journal of the European Communities L 349/1 (Acts whose publication is obligatory) COUNCIL REGULATION (EC) No 2799/98 of 15 December 1998 establishing agrimonetary arrangements for the euro THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Articles 42 and 43 thereof, Having regard to the proposal from the Commission ('), Having regard to the opinion of the European Parlia- ment (%), Having regard to the opinion of the Economic and Social Committee (%), Having regard to the opinion of the Monetary Committee (%), (1) Whereas Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro (%) provides that from 1 January 1999 the currency of the Member States participating in economic and monetary union shall be the euro; whereas the agri- monetary arrangements provided for on the basis of: — Council Regulation (EEC) No 3813/92 of 28 December 1992 on the unit of account and the conversion rates to be applied for the purposes of the common agricultural policy (°); — Council Regulation (EC) No 1527/95 of 29 June 1995 regulating compensation for reduc- tions in the agricultural conversion rates of certain national currencies (’); — Council Regulation (EC) No 2990/95 of 18 December 1995 regulating compensation for () OJ C 224, 17. 7. 1998, p. 15. () OJ C 328, 26. 10. 1998. () Opinion delivered on 9 September 1998 (not yet published in the Official Journal). (“) Opinion delivered on 30 September 1998 (not yet published in the Official Journal). () OJ L 139, 11. 5. 1998, p. 1. () OJ L 387, 31. 12. 1992, p. 1. Regulation as last amended by Regulation (EC) No 150/95 (O] L 22, 31. 1. 1995, p. 1). () OJ L 148, 30. 6. 1995, p. 1. appreciable reductions in the agricultural conversion rates before 1 January 1997 (%) — Council Regulation (EC) No 724/97 of 22 April 1997 determining measures and compensation relating to appreciable revaluations that affect farm incomes (°) essentially consist in a system of specific agricul- tural conversion rates different from the actual exchange rates of the currencies; whereas such a system is incompatible with the introduction of the euro; whereas agrimonetary arrangements adapted to the new situation should therefore be established and the Regulations laying down the former agri- monetary arrangements should be repealed; (2) Whereas in the present monetary situation, where the gaps between exchange rates and agricultural conversion rates are moderate, it is possible to establish a simpler agrimonetary system closer to the actual monetary situation; whereas conse- quently the conversion into the national currency of the non-participating Member States prices and amounts fixed in euro in legal instruments relating to the common agricultural policy may be done with the exchange rate of the euro in those curren- cies; whereas such a provision has the further advantage of considerably simplifying the manage- ment of the common agricultural policy; (3) Whereas the rate of exchange of the euro into national currency may vary in the course of the period during which an operation is carried out; whereas the rate applicable to the amounts concerned must be determined; whereas in general account must be taken of the event through which the economic objective of the operation is attained; (* OJ L 312, 23. 12. 1995, p. 7. Regulation as amended by Regulation (EC) No 1451/96 (O] L 187, 26. 7. 1996, p. 1). () OJ L 108, 25. 4. 1997, p. 9. Regulation as amended by Regu- lation (EC) No 942/98 (OJ L 132, 6. 5. 1998, p. 1).