And it would inflict a ruinous blow on Europe's already strained monetary system, set up in 1979 to create exchange-rate stability.

In January 1999, Brazil's currency was devalued by more than 35 percent, putting an end to the exchange-rate stability that had spurred trade within the group.

The United States, it added, "continues to cooperate closely" with the six other leading industrial countries in the Group of Seven "to promote exchange-rate stability."

It was reasonable to bet that Mexico needed to woo investors with a period of exchange-rate stability and could afford the cost of growing trade deficits.

Maastricht makes exchange-rate stability a precondition for participating in monetary union.

Throughout the conference, speakers emphasized the need to have exchange-rate stability and perhaps new international mechanisms to help reduce currency volatility.

Before, businessmen and investors were adopting the view there was an island of exchange-rate stability in Europe.

A new recruit to the ERM, its commitment to exchange-rate stability was untested.

The EC does need exchange-rate stability to promote intra-regional trade and investment, and to prevent competitive devaluation.

The ERM's narrow bands limit the use of monetary policy to the pursuit of exchange-rate stability.