Translation of "Fluctuations de la conjoncture " (French → English) :

Moreover, in the absence of precise information on the frequency of losses in this sector, it cannot be concluded that the fluctuations in risks specific to sector designation policies (policies characterised by greater sensitivity to the economic climate but also by greater mutualisation) would be of a greater order of magnitude than the same risks relating to company policies (policies characterised by a specific risk and by lesser mutualisation).

This will include a need to examine: measures that mitigate the ups and downs of the business cycle, including the need for credit institutions to build counter-cyclical buffers in good times that can be used during a downturn, which may include the possibility of building up additional reserves, ‘dynamic provisioning’ and the possibility to reduce capital buffers during difficult times, thus ensuring adequate availability of capital over the cycle; the rationale underlying the calculation of capital requirements in Directive 2006/48/EC; supplementary measures to risk-based requirements for credit institutions to help constrain the bui ...[+++]ld-up of leverage in the banking system.

This will include a need to examine: measures that mitigate the ups and downs of the business cycle, including the need for credit institutions to build counter-cyclical buffers in good times that can be used during a downturn, which may include the possibility of building up additional reserves, ‘dynamic provisioning’ and the possibility to reduce capital buffers during difficult times, thus ensuring adequate availability of capital over the cycle; the rationale underlying the calculation of capital requirements in Directive 2006/48/EC; supplementary measures to risk-based requirements for credit institutions to help constrain the bui ...[+++]ld-up of leverage in the banking system.

The objective is to gradually achieve a budgetary surplus in good times which creates the necessary room to accommodate economic downturns and thus contribute to the long-term sustainability of public finances.

(24) Demand for cars is determiend by a number of factors that led to the cyclical nature of sales over the past two decades, with economic downturns generally triggering slumps in new car registrations.

HAVING REGARD TO COUNCIL REGULATION ( EEC ) NO 974/71 OF 12 MAY 1971 ON CERTAIN MEASURES OF CONJUNCTURAL POLICY TO BE TAKEN IN AGRICULTURE FOLLOWING THE TEMPORARY WIDENING OF THE MARGINS OF FLUCTUATION FOR THE CURRENCIES OF CERTAIN MEMBER STATES ( 3 ), AS LAST AMENDED BY REGULATION ( EEC ) NO 987/79 ( 4 ), AND IN PARTICULAR ARTICLE 6 THEREOF ,