Wechselkursinterventionen

Wechselkursinterventionen, also known as foreign exchange interventions, are actions undertaken by a central bank to influence the exchange rate of its national currency. These interventions can involve buying or selling foreign currency in the open market. When a central bank buys its own currency and sells foreign currency, it aims to increase the value of its domestic currency. Conversely, selling its own currency and buying foreign currency is done to decrease the domestic currency's value.

Central banks intervene in currency markets for various reasons. A primary goal is to stabilize the exchange rate, particularly during periods of excessive volatility that could harm economic stability or international trade. Interventions can also be used to manage inflation or deflationary pressures, as a stronger currency can make imports cheaper and reduce inflationary pressures, while a weaker currency can boost exports and stimulate economic activity.

The effectiveness of Wechselkursinterventionen is a subject of debate among economists. While they can have a short-term impact, their long-term efficacy often depends on various factors, including the size of the intervention, the prevailing market conditions, and the credibility of the central bank. Furthermore, sustained interventions can lead to significant changes in a central bank's foreign exchange reserves. Cooperation between multiple central banks can sometimes amplify the impact of interventions.