Let us hope that the implementation of the Kok Committee proposals for structural reforms within the scope of the Lisbon agenda will get off the ground. Conclusion Considering all this, how are we to look upon exchange rate fluctuations? What it amounts to in simple terms is that highly integrated economies forming, so to speak, one economic block, benefit from fixed exchange rates.
Economies that differ widely from each other and do not interact much, profit from mutually flexible exchange rates. Admittedly, exchange rates sometimes tend to move too uncontrollably, creating a breeding ground for speculation. But if exchange rate changes arise from structural factors, we should welcome them. It is satisfying that these days there are fewer complaints about the euro exchange rate than before.