Traduction de «Distorsions des taux de change réels » (Français → Anglais) :

external imbalances, including those that can arise from the evolution of current account and net investment positions of Member States; real effective exchange rates; export market shares; changes in price and cost developments; and non-price competitiveness, taking into account the different components of productivity.

Establish an enhanced analytical surveillance framework (including a scoreboard with specific trigger values for early warning) with appropriate methodological tools and transparency for an effective multilateral surveillance based on harmonised economic indicators (real and nominal), which may affect competitiveness positions and/or excessive imbalances; these key indicators may be: effective real exchange rates, current account, productivity (including resource productivity and total-factor productivity), unit labour costs, credit growth and asset price developments (including financial assets and property markets), the growth and inv ...[+++]estment rate, the unemployment rate, net foreign asset positions, the evolution of the tax basis, poverty and social cohesion and indicators of environmental externalities; alert thresholds should be defined for indicators included in the scoreboard and all developments in these indicators should be complemented by a qualitative assessment by the Commission,

– Establish an enhanced analytical surveillance framework (including a scoreboard with specific trigger values for early warning) with appropriate methodological tools and transparency for an effective multilateral surveillance based on harmonised economic indicators (real and nominal), which may affect competitiveness positions and/or excessive imbalances; these key indicators may be: effective real exchange rates, current account, productivity (including resource productivity and total-factor productivity), unit labour costs, credit growth and asset price developments (including financial assets and property markets), the growth and i ...[+++]nvestment rate, the unemployment rate, net foreign asset positions, the evolution of the tax basis, poverty and social cohesion and indicators of environmental externalities;

(d)where applicable, the actual or reference exchange rate to be applied to the payment transaction.

where applicable, the actual or reference exchange rate to be applied to the payment transaction.

The single market must not be endangered by real exchange rate misalignments or by excessive nominal exchange rate fluctuations between the euro and the other EU currencies, which would disrupt trade flows between Member States.