Traduction de «currency appreciation » (Anglais → Français) :

Gay Mitchell Subject: Exchange rate policy and currency appreciation

10. Expresses concerns about the ongoing appreciation of the euro against most major foreign currencies; points out in this connection that Article 111 of the Treaty assigns responsibility for exchange rate policy to the Council, but without specifying how this responsibility should be exercised; calls on the Eurogroup, the Council and the ECB to exercise their respective competences in full; observes that such appreciation has not been harmful to exports on the eurozone level so far, but that the effects vary among Member States; underlines the risks associated with large global current ...[+++] account imbalances which could result in additional increases in the euro exchange rate; notes that there is now a broad consensus among policy makers on how to tackle the problem of global imbalances; notes that the efforts made by the international community and international financial institutions have been far from adequate; hopes that the implementation of measures to reduce the budget deficit and promote private savings in the USA and to achieve greater exchange rate flexibility in a number of surplus countries in emerging Asia, in particular China, which is to be monitored by the IMF, will make a significant contribution to the gradual resolution of global imbalances;

10. Expresses concerns about the ongoing appreciation of the euro against most major foreign currencies; points out in this connection that Article 111 of the Treaty assigns responsibility for exchange rate policy to the Council, but without specifying how this responsibility should be exercised; calls on the Eurogroup, the Council and the ECB to exercise their respective competences in full; observes that such appreciation has not been harmful to exports on the eurozone level so far, but that the effects vary among Member States; underlines the risks associated with large global current ...[+++] account imbalances which could result in additional increases in the euro exchange rate; notes that there is now a broad consensus among policy makers on how to tackle the problem of global imbalances; notes that the efforts made by the international community and international financial institutions have been far from adequate; hopes that the implementation of measures to reduce the budget deficit and promote private savings in the USA and to achieve greater exchange rate flexibility in a number of surplus countries in emerging Asia, in particular China, which is to be monitored by the IMF, will make a significant contribution to the gradual resolution of global imbalances;

10. Expresses concerns about the ongoing appreciation of the euro against most major foreign currencies; points out in this connection that Article 111 of the Treaty assigns responsibility for exchange rate policy to the Council, but without specifying how this responsibility should be exercised; calls on the Eurogroup, the Council and the ECB to exercise their respective competences in full and to coordinate their actions in the field of exchange rate policy more closely; observes that such appreciation has not been harmful to exports on the euro zone level so far, but that the effects vary among Member States ; underlines the risks associated with lar ...[+++]ge global current account imbalances which could result in additional increases in the euro exchange rate; notes that there is now a broad consensus among policy makers on how to tackle the problem of global imbalances; notes that the efforts made by the international community and international financial institutions have been far from adequate; hopes that the implementation of these measures (the adoption of measures to reduce the budget deficit and promote private savings in the USA and to achieve greater exchange rate flexibility in a number of surplus countries in emerging Asia, in particular China), which is to be monitored by the IMF, will make a significant contribution to the gradual resolution of global imbalances;

Regardless of whether or not it is possible to precisely determine the impact of the currency appreciation on the Canadian economy, Donald Drummond cautioned that the effect may not be so dramatic as compared to previous appreciations because: (a) many Canadian firms have hedged their foreign currency positions to guard against exchange-rate fluctuations; (b) the import content of our exports has grown, and the dollar’s decline and associated drop in the price of these imports serves as a useful offset for firms’ profit situation; (c) more and more Canadian firms are borrowing in U.S. dollars, serving as an offset to the rising dollar ...[+++]because the cost of their loans has been reduced; and (d) increasing numbers of Canadian firms are generating US dollars in their U.S. operations.

Imagine a situation where the euro is appreciating against all our other currencies, carrying what was the Irish punt with it, and, more importantly, Ireland finds its new currency appreciating against the British pound.