external value of the currency

Allowing the external value of the currency to be determined by market forces (with minimal central bank intervention).

As I have already said, our first priority will be to maintain the external value of the currency - that is, to maintain its position in the exchange rate mechanism.

For the safety of the euro is not just a matter of the stability and external value of the currency but, in fact, also of protecting the euro against counterfeiting.

If that is the only problem faced by certain investment projects then it can be solved fairly easily by an interventionist government willing to regulate international capital flows in order to adjust the external value of the currency (it is upward adjustment of the exchange rate which may be very difficult).