On the contrary, we at the ECB are well aware of the role played by the exchange rate as a source of external shocks in the euro area and as an important link in the monetary transmission mechanism. Movements in the euro’s exchange rate are duly taken into account in the ECB’s economic analysis of the short to medium-term risks to price stability.
We propose allocating € million to the special item for stabilizing dividends, which would then amount to € million. As a result, the remaining profit for the State would be equal to € million which, in addition to taxes for the year amounting to € million, would bring the total amount allocated to the State to around € billion.