Table 4  Exchange rate regimes and anchor currencies Exchange rate regime  Anchor currency  de facto  de jure  de facto  Algeria  Other managed arrangement  basket  USD (since 1999)  Egypt  Stabilised arrangement  USD  USD  Jordan  Peg  USD  USD  Lebanon  Stabilised arrangement  USD  USD  Morocco  Peg  basket  60% USD; 40% EUR  Tunisia  Crawl-like arrangement  EUR  EUR  Sources: IMF, AREAER 2018 and Ilzetzki, Reinhart and Rogoff (2016).
2  BIS central bankers’ speeches  In the past months, banks have cleansed their balance sheets of many legacy issues and strengthened their capital base. The measures taken thus far to strengthen resilience are very much to be welcomed. However, German banks are by no means “out of the woods” yet. So where should the focus of such efforts be placed?