In that context, the questions on this topic of forex intervention are the following: (i)  Under what conditions is it appropriate for countries to intervene in the forex market? (ii)  Under what conditions is forex intervention preferable to capital controls?
(iii)  In most cases, countries claim that they are intervening in the forex market, not to target any particular rate, but only to manage the volatility in the exchange rate. Is it necessary then to define upfront your measure of volatility that will trigger intervention? 2.