Koersregeling

Koersregeling is a policy framework in macroeconomics that aims to influence a country's exchange rate or price level against other currencies. It involves actions by the central bank or government to stabilize or steer the value of the national currency. Koersregeling can take the form of fixed exchange rates, managed or crawling pegs, or exchange rate bands, and is often implemented through direct market intervention, monetary policy, and, in some cases, capital controls.

Mechanisms include pegging the currency to another currency or a basket, allowing it to move within a narrow band, or using a crawling mechanism that adjusts the peg gradually to maintain competitiveness. Interventions in the foreign exchange market, such as buying or selling foreign reserves, are common tools, sometimes sterilized to avoid affecting the money supply. Central banks may also adjust interest rates or implement temporary capital controls to support the chosen regime.

Koersregeling can provide stability and confidence, anchor inflation expectations, and reduce volatility from external shocks. However, it can limit monetary policy autonomy, require substantial foreign exchange reserves, and risk speculative attacks or misalignment if the regime becomes unsustainable. In the long run, a currency regime must be compatible with the economy's structural fundamentals and external balances.

With the adoption of the euro in many countries, independent national exchange rate policy has become limited within the euro area, and central banks coordinate with the European Central Bank. In other economies, koersregeling can be a focal point of macroeconomic management, subject to international agreements and market forces.