Recital

Whereas by Decision 75/250/EEC (4) the Council defined on 21 April 1975 a European unit of account representing the average of any changes in the value of the currencies of the Member States ; whereas the conversion rate for each currency against this unit of account is fixed automatically by reference to daily quotations on the exchange markets ; whereas the use of this European unit of account places insurance undertakings on the same competitive footing; (1)OJ No C 28, 9.2.1976, p. 16. (2)OJ No C 35, 16.2.1976, p. 17. (3)OJ No L 228, 16.8.1973, p. 3. (4)OJ No L 104, 24.4.1975, p. 35.