Traduction de «exchange rate system » (Anglais → Français) :

Article 111 of the Treaty reads, and I quote: 'In the absence of an exchange rate system in relation to one or more non-Community currencies as referred to in paragraph 1, the Council, acting by a qualified majority either on a recommendation from the Commission and after consulting the ECB or on a recommendation from the ECB, may formulate general orientations for exchange rate policy in relation to these currencies'. I repeat: 'may formulate general orientations for exchange rate policy'.

To summarize my thoughts on this issue, I'm of the opinion that is, I think, the opinion of most, but certainly not all, professional economists in Canada namely, that the current floating exchange rate system is preferable to any fixed exchange rate system, to either a peg of the U.S. dollar to the Canadian dollar, or a common currency, call it the “amero”, aligned with the European version of the euro, or the extreme case, which is Canadians using the United States dollar as a currency.

It's well known, if you look at the whole history of floating exchange rates, that there are problems with the floating exchange rate system sometimes.

Some countries have raised the difficulties caused by reversing stable exchange rate systems such as they have at the moment (this is the case with Estonia, with its currency board linked to the Mark) and that it would mean returning to a system of greater flexibility and of currency flotation in order to retrieve a situation of stable exchange rates.

18. Regrets that some members of the Council have been reported as suggesting a limit on the ECB=s discretion to pursue price stability by raising the possibility of either >general orientations= for exchange rate policy or even adherence to a formal exchange rate system; points out that the justification for any such guidelines is diminished by the small part of the euro-area=s gdp which is now exposed to exchange rate fluctuations; and notes that any such Council decision could only be on the basis of a recommendation from either the ECB itself or the Commission and that it would require unanimity; in this context, hopes that Counci ...[+++]l members will be more circumspect in their future comments;

These developments have prompted a number of economists and members of the business community in Canada to begin discussing a move to some kind of fixed exchange rate system and to consider approaches such as an exchange rate pegged to the value of the U.S. dollar (fixed exchange rate); implementation of a currency board; adoption of the U.S. currency for use in Canada (dollarization); forming a currency union with the United States or perhaps a North American currency bloc that would encompass Canada, the U.S. and Mexico.