In general, the exchange rate of a currency within an exchange rate system which is to be kept as stable as possible with respect to the intervention currency. – In particular, the exchange rate of a currency participating in ERM II vis-à-vis the EUR, around which the fluctuation bands are fixed. – See also exchange rate adjustment, exchange rate mechanism II. – Cf. the (worldwide) central rates in the Bundesbank’s quarterly booklet “Devisenkursstatistik”.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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