Nevertheless, a relative increase of cross-border M&A transactions has been observed in the last years, as the number and value of cross-border M&As increased to around 30% of total M&A transactions in the EU banking sector.
Countries want to strengthen their international economic integration with a fixed exchange rate. Secondly, the stability motive. By pegging the exchange rate, countries want to import credibility for an anti-inflationary stance -- particularly one which is to be newly established. The record of these arrangements is as varied as the forms of pegging themselves.