U.S. companies that do business in Europe are expecting exchange rates on European currencies to be more volatile in the coming months,mbt, and have stepped up their efforts to hedge against these risks,mbt, experts said. Beyond financial hedges, though, which become pricier at times of vulnerability, manufacturers should think about "natural hedging" -- localizing supply chains within the euro region, suggested Stefano Aversa, co-president of Alix Partners LP, a global consulting company."One of the things that companies have to think about is natural hedging, which is the only real protection, having production as much as possible balanced with where you sell and where you buy. This is the No. 1,mbt calzature, because you might see swings literally of two or three points on the bottom line due to this here," Aversa said in a phone interview.