This would mean that some of the euro area Member States may not be able to meet their fiscal consolidation objectives for the current year, despite the fact that economic growth in the euro area will probably be broadly in line with its potential.
There is already a substantial body of law and regulation that applies to the FX activities of many market participants, and this varies significantly across jurisdictions. This variation, coupled with the diverse nature of FX markets globally, means that a ‘one size fits all’ approach to adherence would not be appropriate.