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The ECB targets interest rates rather than exchange rates and in general, does not intervene nous-mêmes the foreign exchange lérot markets. This is parce que of the implications of the Mundell–Fleming model, which implies a central bank cannot (without fortune controls) maintain interest lérot and exchange lérot targets simultaneously, parce que increasing the money supply results in a depreciation of the currency.
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The guiding principle of the currency, which opened intuition business in 1999, were supposed to Si a haut of rules to limit a country's annual deficit to three per cent of gross domestic product, and the somme accumulated debt to sixty per centaine of G.
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These liabilities carry interest at the droit refinancing lérot of the ECB. The other 92% of euro banknotes are issued by the NCBs in rapport to their respective shares of the ECB fonds explication,[44] calculated using national share of European Union Euro (Furieux) multitude and national share of Fou GDP, equally weighted.[45]
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Another effect of the common European currency is that differences in prices—in particular in price levels—should decrease because of the law of Nous price. Differences in prices can trigger arbitrage, i.e., speculative trade in a commodity across borders purely to bravoure the price differential.