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Topic: Fixed exchange rates to the euro

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	NationMaster - Encyclopedia: Euro
		The euro was established by the provisions in the 1992 Maastricht Treaty on European Union that was used to establish an economic and monetary union.
		Another factor in the early decline of the euro was that many investors and central banks sold large portions of their legacy (national) currency holdings once the irrevocable exchange rates were set, as the goal of holding multiple currencies is to dampen losses when one currency falls.
		The euro was established by the provisions in the 1992 Maastricht Treaty on European Union relating to establishing an economic and monetary union.
	www.nationmaster.com /encyclopedia/Euro (1875 words)

	Exchange rate - Wikipedia, the free encyclopedia
		In finance, the exchange rate (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how much one currency is worth in terms of the other.
		For example an exchange rate of 120 Japanese yen (JPY, ¥) to the United States dollar (USD, $) means that JPY 120 is worth the same as USD 1.
		Exchange rates for such currencies are likely to change almost constantly as quoted on financial markets, mainly by banks, around the world.
	en.wikipedia.org /wiki/Exchange_rates (1227 words)

	Exchange rate regime - Wikipedia, the free encyclopedia
		The exchange rate regime is the way a country manages its currency in respect to foreign currencies and the foreign exchange market.
		Crawling bands: the rate is allowed to fluctuate in a band around a central value, which is adjusted periodically.
		Fixed rates are those that have direct convertibility towards another currency.
	en.wikipedia.org /wiki/Exchange_rate_regime (258 words)

	Which is Better? Fixed or Flaoting Exchange Rates
		Fixed rates are chosen to force a more prudent monetary policy, floating rates are a blessing for those countries who already have a prudent monetary policy.
		Mandating fixed exchange rates can also work well, but only if the system can be maintained, and if the country to whom one fixes one's currency has a prudent monetary policy.
		Fixed exchange systems are most appropriate when a country needs to force itself to a more prudent monetary policy course.
	internationalecon.com /v1.0/Finance/ch110/F110-4.html (1323 words)

	CHAPTER 13. EXCHANGE RATES AND MACROECONOMIC ADJUSTMENT
		Exchange values are fixed or stabilized either by intervention of a government agency in exchange markets, or by exercise of the police power of the state to dictate official rates and punish transactions at rates other than the official rates.
		Exchange rates vary in response to changes of demand for and supply of foreign exchange (i.e., shifts of demand and supply curves).
		The intent was to establish the euro as an accounting unit by January 1, 1999, and to replace the national currencies of the eleven nations with euros by January 1, 2002.
	facweb.furman.edu /~dstanford/trade/m13.htm (8147 words)

	Euro compliant - Herbst Insight - business and management system with full accounts - Herbst Software
		As you are no doubt aware since from January 1st 1999 Euro participating countries have had their local currency exchange rates fixed against the Euro and invariably ceased to have had an exchange rate published for other currencies outside of the Euro including the United Kingdom.
		To overcome this lack of conventional exchange rates the Euro is used as an intermediary.
		All currencies will have an exchange rate declared against the Euro whether it is a fixed rate as in the temporary fixed rate for FRF, IEP, DEM who are going into the scheme or a floating rate as GBP or US$.
	www.herbst.ie /software/insight/euro.html (430 words)

	Tutor2u - fixed and floating exchange rates
		In a fixed exchange rate system, the government (or the central bank acting on the government's behalf) intervenes in the currency market so that the exchange rate stays close to an exchange rate target.
		Fixed rates provide greater certainty for exporters and importers and under normally circumstances there is less speculative activity - although this depends on whether the dealers in the foreign exchange markets regard a given fixed exchange rate as appropriate and credible.
		Fixed exchange rates can exert a strong discipline on domestic firms and employees to keep their costs under control in order to remain competitive in international markets.
	www.tutor2u.net /economics/content/topics/exchangerates/fixed_floating.htm (1238 words)

	Working Paper: Exchange Rates and Macroeconomic Adjustment
		Under a nominally flexible exchange rate regime, monetary authorities may at times attempt to influence the direction of exchange rate change by purchasing other currencies (i.e., supplying the domestic currency) to induce depreciation or prevent appreciation of the domestic currency.
		During the era of the Bretton Woods exchange rate regime (after World War II until 1971), official reserves (foreign currency stocks and gold) were used by the governments attempting to fix the exchange rates between their currencies and the U.S. dollar.
		Unemployment rates are generally lower and growth rates higher in these three nations than in the eleven nations which have fixed their exchange rates to the euro.
	facweb.furman.edu /~dstanford/workpap/wpmacroadj.htm (5106 words)

	Federal Reserve Bank of Minneapolis-The Region -Exchange Roller Coasters (December 2002) (Site not responding. Last check: 2007-10-29)
		With the market now in control of exchange rates, advocates believed, the value of a particular currency would be based more predictably on a nation's economic “fundamentals”—things like the balance of trade, productivity, fiscal management and the direction of leading indicators like employment and output.
		In other words, economic fundamentals and the dollar's exchange rate tend to align only when the time frames are broad, the economic indicators considered are general, and alignment means being in the same ballpark, not sitting in each other's lap.
		The launch of the euro is a good example of the desire to eliminate exchange rate uncertainty and risk among countries.
	minneapolisfed.org /pubs/region/02-12/exchange.cfm (2707 words)

	Euro travellers' cheques set to save currency conversion costs
		The euro will become the official currency of the euro-zone on January 1, 1999, with national currency exchange rates fixed to the euro.
		Euro notes and coins will not be made available until January 2002, when they will be issued alongside the national currencies of the first eleven "Wave One" countries, as they have become known.
		Credit card users will still be able to use their cards, but the exchange rate at the time it is used will not necessarily be the same as the exchange rate when the transaction is processed, which could be weeks later.
	www.expressindia.com /fe/daily/19981216/35055084.html (646 words)

	Floating And Fixed Exchange Rates
		An exchange rate is the rate at which one currency can be exchanged for another.
		A fixed, or pegged, rate is a rate the government (central bank) sets and maintains as the official exchange rate.
		Unlike the fixed rate, a floating exchange rate is determined by the private market through supply and demand.
	www.investopedia.com /articles/03/020603.asp (1500 words)

	ECB: Additional reference exchange rates for the euro
		The reference exchange rates are published both by electronic market information providers and on the ECB's website shortly after the concertation procedure has been completed.
		Since the exchange rates of the aforementioned currencies against the euro are averages of buying and selling rates, they do not necessarily reflect rates at which actual market transactions have occurred.
		The exchange rates against the euro published by the ECB are released for reference purposes only; therefore the ECB does not necessarily trade at these rates.
	www.ecb.int /press/pr/date/2000/html/pr000928_1.en.html (411 words)

	Lessons From History
		Argentina's spiral into recession and debt, and the collapse of the exchange rate, is all too reminiscent of the crises that rocked the world financial system in the 1930s.
		Exchange rates were largely fixed (to gold), and countries had very limited interest rate freedom.
		Fiscal problems begat exchange crises, and exchange crises begat financial and banking panics, and they in turn exacerbated the government's deficits as the authorities struggled to bail out their banking systems.
	www.ssga.com /library/povw/johnnugeelessonsfromhisto/page.html (1027 words)

	Embassy of France in the US - Euro
		The 12 Finance Ministers of the Euro area gathered in the Eurogroup regularly discuss growth prospects and budgetary stances in the Euro area and compare the reforms undertaken in their countries.
		On the whole, therefore, an average growth rate of 3% in the coming years may realistically be assumed, with the objective of reaching full employment in Europe.
		As currency conversion costs and the need to hedge against exchange rate risk no longer apply, small and medium-sized businesses are now also able to reap the benefits of the large single market and develop their activities in other Euro area countries.
	www.ambafrance-us.org /news/statmnts/2001/franallem.asp (1502 words)

	AS Economics: Exchange Rates
		Fixed exchange rates may be preferred to floating exchange rates because with fixed exchange rates
		A fall in the rate of inflation in the UK The economics news on the television reports that the dollar has strengthened relative to the Japanese yen.
		Between 1995 and the second quarter of 1998 the sterling effective exchange rate index increased from 84.8 to 105.4.
	www.tutor2u.net /quiz/economics/jbc_econ_exchangerates_1.htm (1044 words)

	Exchange Rates (Site not responding. Last check: 2007-10-29)
		The rates for the other currencies are calculated by crossing the rate for the US dollar with the mid-rates of the currencies quoted at 4:00 PM in the Oceania and Asian regions.
		Under this exchange rate regime, differences in the demand from buyers of Kina and the supply from sellers of Kina were met by the Bank of Papua New Guinea through its foreign exchange reserves.
		Under the floating exchange rate, the value of the Kina against the US dollar is set by the activity of commercial and retail buyers and sellers of foreign exchange.
	www.bankpng.gov.pg /exchangerate (160 words)

	The Euro
		The euro (currency code: EUR) is the official currency of the European Union (as stated in article I-8 of the Treaty Establishing a Constitution for Europe), and the EMU is the process by which EU member states replace their national currency with the euro and transfer management of monetary policy to the European Central Bank.
		During the transition phase, in which the national currency and the euro co-exist, a process called "triangulation", which is supported by applications such as Currency Server, WorldCalc and Euro Calculator, is required to convert to and from the national currency and any non-EMU currencies.
		Also in consideration of the fact that euro banknotes and coins are already in circulation, the changeover scenario applied to the first twelve participating member states may not be appropriate for future euro-area entrants.
	www.currencysystem.com /euro (1495 words)

	exchangerates
		Although a few countries officially fix the exchange value of their currency to a key currency or basket of currencies, the exchange rate between most currencies is primarily determined by the market forces of supply and demand.
		The main advantage of a fixed exchange rate system is that it (ostensibly) removes the risk of adverse exchange rate movements when planning to purchase foreign goods, services, and investments.
		The shortcomings of the fixed exchange rate system and the free floating system have led the world's governments to attempts at international policy coordination and a system referred to as a managed float (sometimes called a dirty float).
	www.worldgameofeconomics.com /exchangerates.htm (2458 words)

	Washingtonpost.com: Euro Special Report
		BRETTON WOODS – The system of fixed exchange rates that was established in 1944 and lasted for more than 25 years.
		In a system of fixed exchange rates, each country's central bank intervenes in the foreign exchange market to prevent their currency from trading outside a particular band.
		EXCHANGE RATE MECHANISM (ERM) – A system of exchange-rate parities were enacted to force EU currencies to trade within narrow bands of each other, which was a crucial step toward blending Europe's economies into one.
	www.washingtonpost.com /wp-srv/inatl/longterm/euro/glossary.htm (654 words)

	Currency exchange rates
		N.B. The above exchange rates must be applied as stated, i.e to 6 significant figures.
		The above rate of exchange is applicable where converting purchase invoices and payments.
		The above rate of exchange is applicable where converting claims and receipts.
	www.sussex.ac.uk /Units/currency (49 words)

	Sveriges Riksbank/Riksbanken - Srejber: The euro in the euro area and in Sweden
		The euro is evidently hot news right now, which is probably not surprising when one considers that in just two and a half months' time the 300 million inhabitants in the euro area will be replacing the banknotes and coins in their wallets.
		One of these is that the euro has eliminated the exchange rate risk between the Euro countries and thereby given rise to a broad and deep source of financing.
		When this question was discussed prior to the introduction of the euro in 1999, the focus was on the size of the portfolio effects if several large multinational companies domiciled in Sweden were to convert to regarding the euro or another currency as their domestic currency.
	www.riksbank.se /templates/speech.aspx?id=5852 (4036 words)

	Nationalbanken // Rates // Exchange Rates // Exchange Rates
		The exchange rate is the price in kroner for 100 units of the foreign currency.
		The correct rates can be found in Exchange rates for current year (can be found under Related Links to the right).
		The effective krone rate is calculated as a weighted average of the bilateral exchange rates vis-à-vis Denmark's major trading partners.
	www.nationalbanken.dk /dnuk/Rates.nsf/side/Exchange_rates!OpenDocument (248 words)

	The Nexus Euro Page
		On 1 January 1999, 00.00 a.m., the euro became the official currency of 11 Member States of the European Union with a fixed conversion rate against their national currencies.
		Although Euro notes and coins will not appear until 1 January 2002, the new currency can be used by consumers, retailers, companies of all kinds and public administrations from 1 January 1999 in the form of "written money" - that is, by means of cheques, travellers' cheques, bank transfers, credit cards and electronic purses.
		On the left you can see the value of 1 euro for the national currencies of the Euro states, and request the current exchange rates for the euro against a whole range of currencies.
	www.nexus-pt.com /euro/index.htm (260 words)

	Testimony: The IMF and Exchange Rates (Site not responding. Last check: 2007-10-29)
		A large majority of emerging-market economies, and other developing countries, have shifted from fixed to flexible currency regimes and have thus insulated themselves from the types of crises that were so prevalent in the 1990s.
		The euro and a few other currencies have risen by 40 to 50 percent against the dollar (and 10 to 25 percent on a trade-weighted basis).
		China should instead retain its capital controls and fixed exchange rate, for a while longer, and deal with the immediate international problem (as well as its severe domestic overheating and resultant inflationary pressures) through a one-time revaluation of 20 to 25 percent.
	www.iie.com /publications/papers/bergsten0504-2.htm (1172 words)

	Fixed Exchange Rates: Overview
		In general, a country’s central bank must intervene in the foreign exchange markets, buying foreign currency whenever there is excess supply (resulting in a balance of payments surplus) and selling foreign currency whenever there is excess demand (resulting in a balance of payments deficit).
		Gold-Exchange Standard Rules: 1) Reserve country fixes its currency to a weight of gold; 2) all other countries fix their currencies to the reserve, 3) reserve central bank freely exchanges gold for currency with other central banks; 4) non-reserve countries hold a stock of the reserve currency to facilitate intervention in the FOREX.
		The interest rate parity condition becomes the equalization of interest rates between two countries in a fixed exchange rate system.
	internationalecon.com /v1.0/Finance/ch80/F80-0.html (479 words)

	Euro Information
		It also provides information on the security features, the key euro area dates and the fixed exchange rates that were used for conversion from euro area legacy currencies to euro.
		This section provides advice on exchanging the former euro area national currencies.
		More detail for each country can be found in the euro country sheet section in Business Impact.
	www.euro.gov.uk /eurocash.asp (145 words)

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