For the time being, it is encouraging to see the credibility of monetary policy being reflected in the exchange rates of BIS Review 60/1998  -2-  euro countries. There is currently no sign of exchange rate tensions among euro area currencies. Forward exchange rates are expected to be virtually identical to central rates, suggesting that the pre-announced rates are considered credible.
from Moscow State University and has published on Europe’s Problem Loans, Analytical Tools for Crisis Vulnerability Assessment, and on Emerging Markets as Net Capital Exporters. Franz Nauschnigg: As of 2000, Mr. Nauschnigg is the Head of the OeNB’s European Affairs and International Financial Organizations Division.