But in spite of increased profits and exports, there was also increased uncertainty over exchange-rate fluctuations.

The subsidies were intended to offset losses from adverse exchange-rate fluctuations on sales of Airbus aircraft, which are made for dollars.

Over this period, American-European trade has been roughly in balance and highly sensitive to exchange-rate fluctuations.

There is no exchange-rate fluctuation for individual euro countries.

In the past, additional interest was charged to cover the risk of the exchange-rate fluctuation.

Much of the sales drop was attributable to exchange-rate fluctuations, SAP said.

The fund is ordinarily used to smooth out exchange-rate fluctuations, though it has been used dozens of times to make short-term loans to foreign countries.

Taking this depreciation into account and factoring in exchange-rate fluctuations, the net United States investment deficit was $463.9 billion.

Mr. Blechinger said the volume of reimports depended on exchange-rate fluctuations.

Eliminating the risk of exchange-rate fluctuations, it added, would encourage investors to accept a lower rate of return.