In the past years central banks of major Western industrialised countries have repeatedly attempted to change the trend of the US-Dollar rate by means of intervention in the foreign exchange markets. Our authors analyse the objectives, effects and chances of success of such exchange market...

The discussion of target zones for flexible exchange rates is evidence of the desire to experiment with new instruments for stabilising the international monetary system. What distinguishes target zones from systems of flexible and fixed exchange rates? What form should they take? How should one...