It is therefore somewhat difficult to understand why a new debate has erupted just now in the euro area on the fixing of foreign exchange rates between the large currency blocs. Stable exchange rates are the result of a stability-oriented monetary and fiscal policy and cannot be achieved by interventions.
Mark W Olson: Community development and the bigger picture Remarks by Mr Mark W Olson, Member of the Board of Governors of the US Federal Reserve System, at the Social Compact Visionary Awards, Washington, DC, 25 May 2006.