The information on this site is subject to a disclaimer and a copyright notice . A central rate against the euro will be defined for the currency of each Member State not participating in the euro area but participating in the exchange-rate mechanism.
Intervention is effected in euros and in the participating non-euro area currencies.
Intervention at the margin is, in principle, automatic and unlimited, with very short-term financing being available. However, the ECB and the NCBs of the other participants could suspend intervention if this were to conflict with their primary objective. Prior agreement is also required for transactions other than intervention which may influence the exchange rate of the two currencies concerned. The ECB and the participating NCBs not belonging to the euro area open for each other very short-term credit facilities. The financing operations under these facilities take the form of spot sales and purchases of participating currencies giving rise to corresponding claims and liabilities, denominated in the creditor's currency, between the ECB and the participating NCBs not belonging to the euro area.