Like any fixed exchange-rate system, a currency board offers the prospect of a stable exchange rate, which can promote both trade and investment.

ECONOMIST: The ABC of a currency board

He added: "I think that we must, at the international level, argue for a co-ordinated approach that will allow us to have a stable exchange rate... exchange rates should not be subject to moods or speculation, ".

BBC: Euro rises as finance ministers meet

Moreover, the Central Bank is likely to welcome the strengthening of the BRL, as appreciation can help ease some of the building inflationary pressure that higher food prices and a stable exchange rate were allowing to flow through to the economy.

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Only the flood of petrodollars coming into the government's coffers is keeping the exchange rate stable.

ECONOMIST: Venezuela

He should put the ECB's money where his mouth is, selling euros and buying dollars to keep the exchange rate stable.

ECONOMIST: Brutal, in every sense | The

The central bank steered a careful course between providing liquidity for banks whose deposits were fleeing, and keeping the exchange rate stable.

ECONOMIST: Argentina's economy

If, as a result of capital inflows, there is an excess supply of foreign currency, the central bank must buy it and sell yuan to keep the exchange rate stable.

ECONOMIST: China's economy

Their exchange rate should be stable in relation to the euro.

BBC: EMU fast facts

So, if the exchange rate has been remarkably stable, in recent months, you shouldn't necessarily read that as a signal that the euro will get through this intact.

BBC: Time to buy euros?

The Chinese government says it will move towards a more flexible exchange rate in the medium term, but for the moment it wants to keep the yuan stable in order to support broader economic stability.

ECONOMIST: China's economy