Grauwe, Paul De; Schnabl, Gunther - EconWPA - 2004
group of countries reports tight pegs to the euro, a second group seems to have moved toward (more) exchange rate … countries peg their currencies to the euro, thereby contributing to a growing euro zone. Nevertheless, as exchange rate … stabilization against the euro is pursued with different degrees and with different long-term drifts, intra-regional exchange rates …