Translation of "Aufwertung der währung" in English

Both nominal and real effective exchange rate statistics are calculated by the ECB . An increase in these indices corresponds to an appreciation of the Member State 's currency .

Thus, there are two important steps in the process. The first is convergence to a common rate.

However, the level of competitiveness has been reduced by rapid wage growth and the real appreciation of the currency.

This policy was built around clear monetary targets and a real appreciation of the currency.

In a number of countries , particularly the Czech Republic , Hungary , Poland and Slovakia , currency appreciation had a dampening impact on inflation .

During the same period the euro also strengthened against the Japanese yen ( by 3.7% ) and was quoted by the end of the year at JPY 139.7 , implying an appreciation of the Japanese yen against the US dollar by more than 4 %.

If an appreciation in the exchange rate makes domestically produced goods less competitive on the world market , this tends to constrain external demand and thus reduce overall demand pressure in the economy .

Many economists outside of China have argued that the December depreciation resulted from betting by investors that Chinese policymakers, facing the prospect of a hard landing for the economy, would slow or halt currency appreciation.

Making room for increased consumer spending requires reducing the level of exports by allowing the currency to appreciate.

The only desirable scenario, therefore, is a Chinese economy that transmits its stimulus to the rest of the world mainly through rising imports generated by rapid economic growth (i.e., the income effect on import demand), rather than by exchange-rate appreciation (the substitution effect).

But expanding demand and allowing real effective exchange rate appreciation in China will not be enough if other countries do not do their part.

If an appreciation in the exchange rate makes domestically produced goods less competitive in terms of their price on world markets , this tends to constrain external demand and thus reduce overall demand pressure in the economy .

Initially , when the Lithuanian litas was pegged to the US dollar in the currency board arrangement , import prices were dampened by the strong appreciation of the US dollar .

Partly in consequence, the floating exchange rate tended to follow a pattern of periods of stability (resulting in real exchange rate appreciation) interrupted by sudden deprecations.

The moderate wage developments and the real appreciation of the currency, which restrain import prices, have probably played a major part in the sharp reduction of the inflation rate.

However, the real appreciation of the currency during 1995 eroded this temporary competitive boost.

If the relevant conversion date is the date of application and there is a revaluation of the national currency with respect to the Euro in the period up until the date of payment, then the aid amount in national currency will decrease.

Data on the evolution of the real effective exchange rate of the kroon since July 1992 show a gradual but clear appreciation of the kroon.

So the green ecu corresponds to the real ECU adjusted by a 'correcting factor', which is simply the expression, as a coefficient, of the percentage revaluation of the strongest currency (the DM) against the real ecu.

Regarding the issue of revaluation of the Slovak currency, I must say that it always took place within the expected limits, within the framework of flexibility that each government, each country is allowed in this process in order be able to respond, in the best possible manner, to the extraordinary moment when the euro is adopted.

I also want to express my gratitude for the work done by the rapporteur, Mr Casa, who in Parliament had to deal with arguments concerning the justification for the revaluation of the Slovak currency and so on.

The PPS index figure for Luxembourg is 65% higher than the corresponding figure for EUR 15, putting it well ahead of all the other Member States and indeed about 18 percentage points ahead of the United States.

These moves were intended to boost the Japanese economy, which is already recovering only slowly from re­cession, and is further suffering from the yen's more than 20% appreciation against the dollar so far in this year.

The 1998 current account deficit reached some USD 3 billion, or 7.9% of GDP.

In the case of the United Kingdom, the productivity deterioration since "1995" is explained by the two-fold impact of the BSE (Bovine Spongiform Encephalopathy) crisis and associated export ban and an appreciating currency.

With such a determination of the ex change rate and such a monetary rule, a rise in domestic demand both deteriorates the current account and appreciates the ex change rate because of the rise in domestic interest rates.

To what extent will this channel of externalities be important in practice? The current account and the exchange rate of the Community will probably remain two among many policy objectives, as long as their level and evolution do not depart from normal limits.