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 their 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 their 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;

EUROPA - EU law and publications - EUR-Lex - EUR-Lex - 32013Y0629(01) - EN - Agreement of 21 June 2013 between the European Central Bank and the national central banks of the Member States whose currency is not the euro amending the Agreement of 16 March 2006 between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in stage three of economic and monetary union // AGREEMENT // of 21 June 2013 // between the European Central Bank and the national central banks ...[+++]of the Member States whose currency is not the euro amending the Agreement of 16 March 2006 between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in stage three of economic and monetary union

EUROPA - EU law and publications - EUR-Lex - EUR-Lex - 32011Y0108(01) - EN - Agreement of 13 December 2010 between the European Central Bank and the national central banks of the Member States outside the euro area amending the Agreement of 16 March 2006 between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in stage three of economic and monetary union // AGREEMENT // of 13 December 2010 // between the European Central Bank and the national central banks o ...[+++]f the Member States outside the euro area amending the Agreement of 16 March 2006 between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in stage three of economic and monetary union

Agreement between the European Central Bank and the central banks of EU countries outside the euro area laying down the operating procedures for an exchange rate mechanism in Economic and Monetary Union

The resolution aimed to create a system between euro area and non-euro area countries that guaranteed exchange-rate stability between their different currencies when the third stage of economic and monetary union began on 1 January 1999.