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This is absolutely not true for the euro It is indeed true. The ECU was a basket of the currencies of the European Community member states, which in it were ti
by woodpanel 6y ago
This is absolutely not true for the euro
It is indeed true. The ECU was a basket of the currencies of the European Community member states, which in it were tied at a fixed rate (The ECU later on was converted 1:1 into euros as were the nations currencies exchange rates). That fixture already was enough 'fiddling' to enable speculators to "break The Bank Of England".
- oblio 6y ago? What does the mechanism used to create an entirely new currency by converting old currencies to it have to do with the day to day operation of the Euro after its creation? The € has about as much government intervention as the $ has. I'd be glad if someone could prove me wrong.