Traduction de «zona di cambio » (Italien → Anglais) :

This could include enhanced surveillance missions to Member States by the Commission, in liaison with the European Central Bank (ECB) for Member States whose currency is the euro or Member States participating in the Agreement of 16 March 2006 between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in stage three of Economic and Monetary Union (ERM II), and additional reporting by Member States in case of severe imbalances, including imbalances that jeopardise the proper functioning of the economic and monetary union.

8. Observes that the nominal appreciation of the euro exchange rate by 11,4 % against the US dollar, 12,4 % against the yen, 8 % against the Chinese renminbi led only to a minor appreciation of the real effective exchange rate of 3,5 % in 2006, and has not been detrimental to exports and growth at the euro area level so far; observes, however, that the effects differ among Member States depending on their economic structures and the elasticity of their real sector response to changes in the exchange rate; calls on the Member States to take steps to increase their adjustment capabilities; emphasises the need to take into account the ef ...[+++]fects that future increases of interest rates may have on the euro exchange rate and the competitiveness of the European economy;

– (FR) Mr President, Commissioner, I welcome the opportunity presented to us by this debate in plenary to review together the operation of the euro zone at a time when, as you have said, the outlook in certain areas is improving, yet when all agree that the potential for growth is not fully realised and when our economies are handicapped by an exchange rate that makes euro zone exports difficult and leads some of our businesses to contemplate relocation in order to produce their goods in the dollar zone.

To avoid the application, by the Member States which do not form part of the euro zone, of different exchange rates in accounts of revenue received or aid paid to beneficiaries in a currency other than the euro, on the one hand, and in the declaration of expenditure drawn up by the paying agency, on the other, the Member States concerned should apply the same exchange rate in their declarations of expenditure under the EAGF as that used when collecting that revenue or making those payments to beneficiaries.

The cartel proceedings brought by the Commission against several credit institutions in various countries inside the Euro zone on the grounds of anti-competitive agreements in connection with the imposition of charges for the exchange of banknotes in the Euro zone have already been extremely successful, as many banks have reduced or completely abolished their charges on foreign exchange transactions.

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;