9. Observes that the nominal appreciation of the euro exchange rate by 11,4 % against the US dollar, 12,4 % against the yen, and 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 eurozone 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 t ...[+++]heir adjustment capabilities; emphasises the need to take into account the effects that future increases of interest rates may have on the euro exchange rate and the competitiveness of the European economy;

9. Observes that the nominal appreciation of the euro exchange rate by 11,4 % against the US dollar, 12,4 % against the yen, and 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 eurozone 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 t ...[+++]heir adjustment capabilities; emphasises the need to take into account the effects that future increases of interest rates may have on the euro exchange rate and the competitiveness of the European economy;

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 t ...[+++]heir adjustment capabilities; emphasises the need to take into account the effects that future increases of interest rates may have on the euro exchange rate and the competitiveness of the European economy;

Although small open economies cannot use the exchange rate very effectively to deal with asymmetric shocks or address problems of international competitiveness, exchange rate flexibility may have merits in smoothing output fluctuations, at least in acceding countries with developed financial markets. Furthermore, some countries – in particular those that currently operate flexible exchange rate regimes – may benefit from added time in order to identify a suitable central parity for ERM II participation and later an appropriate conversion rate for the adoption of the euro.

exchange rate stability: avoid excessive currency fluctuations for at least 2 years by participating in the Exchange Rate Mechanism, which regulates rates between euro and non-euro members.

In accordance with the Commission's communication of 11 November 1997 on « The impact of the changeover to the euro on community policies, institutions and legislation» [27], the Commission takes the view that where amounts in ecus provided for in Community acts are accompanied by clauses which, similar to that in the Directive and in the Regulation, stipulate that these amounts must be converted into national currency at a rate of exchange on a specified "historical" date, such clauses remain in force after 1 January 1999.