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Green pound
In the United Kingdom, the ''green pound'' was the common name for an exchange rate that was used to calculate the value of financial support within the European Union's Common Agricultural Policy until 1999.
==Background==
Prior to the institution of a common currency, the then European Economic Community decided in 1962 to denominate its transactions in its own internal unit of account – initially the gold parity unit of account, fixed to the value of gold, and equivalent to the US Dollar.〔〔(Of Snakes in the Tunnell, Green ECU's and the EMU ) B Steiner, University of Reading, published 1993, accessed 2012-01-09〕
Following the devaluation of the French franc and the revaluation of the Deutsche Mark in 1969, the governments involved considered that agricultural support should not be subject to the fluctuations of floating exchange rates, arguing that lower prices would be unacceptable for farmers, while higher prices would be inflationary.〔''The common agricultural policy: past, present, and future'', Brian E. Hill, ISBN 978-0-416-32190-6〕 Instead, they continued to use a form of fixed exchange rates for agricultural support, resulting in the so-called 'agricultural conversion rates' or 'green exchange rates',〔 including the green pound after the United Kingdom's accession to the EEC on 1 January 1973.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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