Traduction de «Notional quotation for the exchange rate » (Anglais → Français) :

‘foreign exchange swap’ means a swap transaction in which one party sells to the other a specified amount of a specified currency against payment of an agreed amount of a specified different currency based on an agreed foreign exchange rate (known as the spot foreign exchange rate) with an agreement to repurchase the currency sold at a future date (known as the maturity date) against the sale of the currency initially bought at a different foreign exchange rate (known as the forward foreign exchange rate);

These quotations are considered as representative for world market prices although they are much higher than the quotations applied in the Black Sea area, known as "Odessa quotations". The Chicago exchange quotations do not properly reflect the market prices of an important share of the wheat flows, in particular between Ukraine and Russia on the one hand and the European Community on the other hand. The Commission suggests replacing the current custom duties system with a Tariff Rate Quotas an ...[+++]d fixed duties in the framework of negotiations to be held in the World Trade Organisation (WTO) under Article XXVIII of the General Agreement on Tariffs and Trade (GATT)

The notion that fixing exchange rates necessarily means that you throw your sovereignty away, I think, is wrong, in the sense that what we cherish most in terms of our social policies came during a fixed exchange rate period.

Exchange-rate quotations of participating national currencies would disappear.

(10) Whereas in its Resolution of 16 June 1997 on the establishment of an exchange-rate mechanism in the third stage of Economic and Monetary Union, the European Council issued firm political guidelines in accordance with which an exchange-rate mechanism is established in the third stage of EMU, hereafter referred to as 'ERM2`; whereas the currencies of non-participating Member States joining ERM2 will have a central rate vis-à-vis the euro, thereby providing a reference ...[+++]point for judging the adequacy of their policies; whereas the ERM2 will also help to protect them and the Member States adopting the euro from unwarranted pressures in the foreign-exchange markets; whereas, so as to enable appropriate surveillance in the Council, non-participating Member States not joining ERM2 will nevertheless present policies in their convergence programmes oriented to stability thus avoiding real exchange rate misalignments and excessive nominal exchange rate fluctuations;

WHEREAS IT IS NECESSARY TO FIX THE RATE OF EXCHANGE TO BE USED FOR MEASURES TAKEN IN PURSUANCE OF THE COMMON AGRICULTURAL POLICY WHICH REQUIRE SUMS GIVEN IN ONE CURRENCY TO BE EXPRESSED IN ANOTHER CURRENCY ; WHEREAS ALL MEMBER STATES AND A LARGE NUMBER OF THIRD COUNTRIES HAVE COMMUNICATED PAR VALUES FOR THEIR CURRENCIES TO THE INTERNATIONAL MONETARY FUND AND WHEREAS THE LATTER HAS RECOGNISED THESE PAR VALUES ; WHEREAS , UNDER THE RULES OF THE FUND , EXCHANGE RATES WHICH APPLY TO CURRENT TRANSACTIONS AND ARE RECORDED ON FOREIGN EXCHANGE MARKETS SUPERVISED BY THE MONETARY AUTHORITIES OF COUNTRIES THE PAR VALUES OF WHOSE CURRENCIES HAVE BEEN RECOGNISED BY THE FUND MAY DIFFER FROM PARITY ONLY WITHIN NARROW LIMITS ; WHEREAS , THEREFORE , THE ...[+++]USE OF THE EXCHANGE RATE CORRESPONDING TO PARITY NORMALLY MAKES IT POSSIBLE TO AVOID MONETARY DIFFICULTIES WHICH MIGHT HINDER THE IMPLEMENTATION OF THE COMMON AGRICULTURAL POLICY ;