Wechselkursmaßnahmen

Wechselkursmaßnahmen, also known as exchange rate policy or currency intervention, refers to actions taken by a country's central bank or government to influence the value of its national currency in the foreign exchange market. These measures are typically employed to achieve specific economic objectives.

One primary goal of Wechselkursmaßnahmen is to stabilize the exchange rate. If a currency is experiencing excessive volatility, making it difficult for businesses to plan and invest, authorities may intervene to smooth out fluctuations. Another common objective is to manage the competitiveness of a country's exports and imports. A weaker currency can make exports cheaper for foreign buyers, boosting demand, while making imports more expensive for domestic consumers, potentially reducing trade deficits. Conversely, a stronger currency can help curb inflation by making imports cheaper.

Intervention can take various forms. Direct intervention involves buying or selling foreign currencies in the open market. For instance, a central bank might sell its own currency and buy foreign currency to depreciate its value. Indirect measures include adjusting interest rates, which can attract or deter foreign investment, thereby influencing demand for the currency. Capital controls, which restrict the flow of money into or out of a country, can also be used to manage exchange rates, although these are often seen as more drastic measures. The effectiveness and consequences of Wechselkursmaßnahmen are subject to ongoing debate among economists and policymakers.