The objective of the European Monetary System (EMS) is to increase the coherence of its member economies and to facilitate the process towards the European Monetary Union. One major element in the process has been the coordinated effort in reducing the volatility of the member currencies through...

Genetic programming (GP) uses the Darwinian principle of survival of the fittest and sexual recombination to evolve computer programs that solve problems. Several studies have applied GP to forecasting with favourable results. However, these studies, like others, have assumed a static...