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ECB glossary


International Labour Organization


See International Monetary Fund (IMF)


An increase in the general price level, e.g. in the consumer price index. See also deflation

interest rate future

An exchange-traded forward contract. In such a contract, the purchase or sale of an interest rate instrument, e.g. a bond, is agreed on the contract date to be delivered at a future date, at a given price. Usually no actual delivery takes place; the contract is normally closed out before the agreed maturity.

interest rate swap

A contractual agreement with a counterparty to exchange cash flows representing streams of periodic interest payments in one currency. See also cross-currency swap

internal rate of return (IRR)

A rate at which the accounting value of a security is equal to the present value of the future cash flow.

International Monetary Fund (IMF)

An international organisation, based in Washington, D.C., with a membership of 190 countries (2021). It was established in 1945 to promote international monetary cooperation and exchange rate stability, to foster economic growth and high levels of employment and to help member countries to correct balance of payments imbalances.

intervention at the limits

Compulsory intervention by national central banks if their currencies reach the floor or the ceiling of their ERM II fluctuation margins. See also ERM II fluctuation margins

intra-marginal intervention

Intervention by a national central bank to influence the exchange rate of its currency within its ERM II fluctuation margins. See also ERM II fluctuation margins


See internal rate of return (IRR)