At the end of that process, for the Code to be effective and for it to achieve what we want it to achieve, it will need to be accepted and endorsed by market participants.
In Europe, the adoption of a single currency put an end to the realignments that had characterized first the “Snake” and then the first two stages of the European Monetary Union. Currency interventions in these economies are now made only in case of excessively rapid and large fluctuations.