Traduction de «zone de choc » (Français → Anglais) :

Since losses from any future shocks in the banking industry are likely to be concentrated at a specific moment of time in some Member States, a common European private backstop mechanism, as opposed to national backstops taken individually, will be more effective in absorbing such shocks through ex-ante and, in extreme cases, ex post contributions from the whole Euro-area banking industry.

12. Takes note of the concern expressed by the Commission, in its annual statement on the euro area 2009, about imbalances that have accumulated within the euro area and of what the Commission identifies as two major sources of imbalance: on the one hand the growth model centred on a competitive export sector, without being sustained by domestic demand, is vulnerable and conversely, in some countries in deficit, imbalances may have taken the form of excessive domestic demand pressures, a surge in house prices and a bloated construction sector; suggests, therefore, that the Commission examine possible ways of improving effectively the economic governance of ...[+++]the euro area, including the setting-up of new mechanisms to prevent the renewed excessive growth of such imbalances in the future and the asymmetric shocks to which they contribute;

16. Recalls that an integrated European financial market is essential to ensuring the smooth functioning of the EMU; emphasises, therefore, on the need to complete financial market integration and to remove the remaining obstacles to financial integration in order to create an efficient financial system and improve the eurozone's capability to deal with economic shocks; draws attention to the fact that financial integration may also pose a risk to financial stability if the procedures for crisis prevention, management and resolution remain segmented at national level, makin ...[+++]g area-wide responses more difficult; reasserts, therefore, in this context the need for an integrated European system of cooperating supervisors as one key element as regards the completion of financial market integration;

19. Agrees with the Commission that the disparities in growth and inflation rates within the euro area, with differences of up to 4,5 % in growth and up to 2,7 % in inflation in 2005, is increasingly due to structural reasons; regrets that dispersion in inflation rates among Member States with higher inflation rates has a negative effect on the competitiveness and monetary stability of the euro area as a whole; notes that these differences are sometimes part of a positive process of convergence in revenues and price level, due to the "catch up" process; calls once more on Member States of the euro area to strengthen their efforts towa ...[+++]rds effective coordination of economic and monetary policies notably through the reinforcement of their common strategies within the Eurogroup, in order to improve the real convergence of economies and to limit the risks of asymmetric shock in the EMU;

We also need to keep in mind that part of the oil price increase is due to strong global demand, which was not the case in the first and second oil shocks, but it remains true that the oil price increase constitutes an adverse supply shock for the euro area economy as a whole.

At a time when everybody is talking about a ‘clash of civilisations’ – although I am convinced that it is mostly a ‘clash of ignorance’ – we have given a great boost to intercultural dialogue and mutual understanding, particularly in the Euro-Mediterranean area.