Translation of "ne plus ancrer le taux de change " (French → English) :

Where the credit currency is different from the national currency of the consumer, the creditor shall indicate that the consumer will receive a regular warning at least when the exchange rate fluctuates by more than 20 %, where applicable the right to convert the currency of the credit agreement or to the possibility to renegotiate the conditions and any other arrangements available to the consumer to limit their exposure to exchange rate risk.

firstly, the average euro/US dollar exchange rate actually recorded on the market from 1 August of the previous financial year until the end of the latest quarter ending at least 20 days before adoption of the budget document by the Commission and at the latest on 31 July of the current financial year, and

This Community average does not reflect the considerable differences between Member States caused by the differing economic structures (e.g. more or less energy intensive industry), the national currency exchange rate compared to the Euro and the level of energy efficiency that, by and large, is obviously much better in the EU-15.

In any case, I think the Bank of Canada understands the need for a solid domestic anchor of confidence, if a floating exchange rate regime is going to work.

The recommendations of the group are based on this central proposition and can be summarized in the following points : i) the execution of the internal market programme within the deadline requires stronger reliance on the principle of mutual recognition of national regulations, a more selective choice of priority areas, a less complex Community legislation, and effective solutions for what is emerging as a serious problem of compliance with Community law. In no circumstances should the 1992 deadline be shifted; ii) monetary policy coordination and the mechanisms of the EMS have to be significantly strengthened if freedom of capital movements and exchange rate disc ...[+++]ipline are to survive and co-exist; iii) in a larger and more differentiated Community, redistributive functions through the budget and the lending instruments of the Community should be considerably developed in size and made more effective in their purpose and design; iv) a stepping up in the growth rate observed in recent years is necessary for the success of enlargement and the completion of the internal market. This should result from both the market opening process and a "cooperative growth strategy" such as has been proposed by the Commission to the Council.

Without waiting for the fuller study which the Commission is currently preparing on this subject, the costs and benefits of economic and monetary union can be grouped under five main headings: - the manifold advantages of permanent price stability; - stronger economic growth as a result of increased cost savings and market integration; - an impact on public finances due to the fall in average interest rates; - an impact on employment and regional balance given that it will no longer be possible for adjustments to be made through changes in nominal exchange ...[+++] rates; - finally, an impact on the international economic and monetary system, with the benefits of a more prominent Community presence and of the growing role of its single currency.