29.5.92 Official Journal of the European Communities No L 147/15 COUNCIL REGULATION (EEC) No 1380/92 ' of 26 May 1992 amending Regulation (EEC) No 1678/85 fixing the conversion rates to be applied in agriculture THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, : Having regard to Council Regulation (EEC)No 1676/85 of 11 June 1985 on the value of the unit of account and the conversion rates to be applied for the purposes of the common agricultural policy (1), and in particular Article 2 (3) thereof, Having regard to the proposal from the Commission (2), Having regard to the opinion of the Monetary Committee, Whereas the agricultural conversion rates currently applicable  were fixed by Regulation (EEC) No 1678785 (3); Whereas new agricultural’ conversion rates closer to economic reality should be set; Whereas account must be taken in adjusting these rates of their impact on prices and of the situation in the Member State concerned, HAS ADOPTED THIS REGULATION: Article 1 The Annexes to Regulation (EEC)No 1678/8S5 are replaced by the Annexes hereto. Article 2 This Regulation shall enter into force on 1 June 1992. This Regulation shall be binding in its entirety and directly applicable in all Member States. Done at Brussels, 26 May 1992. () OJNoL 164,24.6. 1985, p. 1. Regulation as last amended by Regulation (EEC) No 2205/90 (O] No L 201, 31. 7. 1990, p- 9). (?) O] No C 119, 11. 5. 1992, p. 94. () OJNolL 164,24.6.1985,p. 11. Regulation as last amended by Regulation (EEC) No 668/92 (OJ No L 71, 18. 3. 1992, p. 21). For the Council The President Carlos BORREGO