Does the National Bank of Greece have any say in setting the monetary rate of the € EURO €?
I think no national bank has any “say” on the Euro rate with respect to other currencies. This is arranged freely by the open market (supply and demand). When the Euro becomes more expensive (to the dollar), it means more people opt to use the euro in their everyday transactions (oil, cars, commodities or other) and less euros are available at the banks reserves and eventually available in the market (thus its value increases). The European central bank can -to some extent- affect this process by releasing or withdrawing a given amount of euros in the market, thereby, controlling the interest rates. But in the long run, any monetary rate is only determined by the free market. (http://www.ecb.int/home/html/index.en.ht… The National Bank of Greece belongs to the 500 richest companies on the planet and it is the biggest bank (in terms of reserves) in southeast Europe owing several foreign banks itself. In that regar
