In adopting the report by Mrs Agnes SCHIERHUBER (PPE, A), the European Parliament took the
view that the introduction of the euro as the single European currency and the fixing of exchange
rates on 1 January 1999 made it necessary to revise thoroughly the agrimonetary arrangements in
force. It particularly stressed:
- the need to protect farm incomes from the consequences of currency fluctuations;
- the possibility of setting up a procedure simple and rapid enough to prevent currency variations
from leading to distortions of competition, even briefly, and disturbing European agricultural markets.
Parliament considered that equal treatment of farmers in the EU Member States was a fundamental
principle of the CAP, and that the Regulation should be amended accordingly when the EU was next
enlarged.�