Traduction de «reprise cyclique » (Français → Anglais) :

6. Points out that in 2006, the European Union expanded its leading role as a world champion exporter, with an 8 % growth in exports, but underlines the fact that the export surplus accounts for only about 0,3 percentage point of the current GDP growth in the euro area and stresses the risk factor attached to the high euro-dollar exchange rate; draws attention to the fact that the present economic upswing is predominantly riding on recovering domestic demand and that this is largely as a result of short-term investment; points out that the fundamental problem facing the European economy in the last decade has been inadequate domestic demand attributable to a lack of confidence caused by unemployment; expresses concern as to how far a con ...[+++]tinual increase in investment and consumer expenditure, together with a sustained improvement in the employment situation, can be achieved to ensure that the mainly cyclical upswing will turn into a structural upward trend;

Provided that recent increases in unit labour costs are reversed in the context of a subsequent cyclical recovery in productivity, current wage trends would still appear to be consistent with the maintenance of price stability and job creation over the medium-term.

Whilst supporting household purchasing power, sustained wage growth also contributed to the stickiness of high core inflation and an erosion of profit margins which, if not reverted in the context of a subsequent cyclical recovery in productivity, could weigh on investment.

More recently, a combination of monetary policy favourable to growth and a slightly more flexible fiscal policy has sustained cyclical recovery.

6. Asks the Commission to propose, and the Council of Ministers to agree, cyclically adjusted budget balances as an additional operational target for each Member State to reinforce the disciplines of the Stability and Growth Pact and the convergence programmes. These targets should help Member States to avoid the pro-cyclical relaxation of fiscal policy during economic upturns, and therefore to avert subsequent problems during any downturn in respecting the 3% deficit limit;

6. Asks the Commission to propose, and the Council of Ministers to agree, cyclically adjusted budget balances as an additional operational target for each Member State to reinforce the disciplines of the Stability and Growth Pact and the convergence programmes. These targets should help Member States to avoid the pro-cyclical relaxation of fiscal policy during economic upturns, and therefore to avert subsequent problems during any downturn in respecting the 3% deficit limit.