Changes in Exchange Rate Regimes

The experience of recent years shows that it has a fundamental role formation mechanism of the exchange rate in macroeconomic stabilization. Global economic crises, oil shocks have shown the difficulty of floating sustainability by participants in the system. European Monetary System, focused on concerted floating currencies to ECU, was formed under the conditions in which some countries have adopted regional monetary arrangements (EU countries), with such bases currency regimes hybrid that combines specific mechanisms to those of fixe drate free floating. This paper aims to demonstrate the important role that it has the choice of exchange rate regime as a basic element in the foundation of macroeconomic stabilization instruments. Considered an expression of the state of the domestic economy and international competitiveness, the exchange rate is determined by a complex set of external factors or internal stability is a prerequisite for the crisis.