paragraph 122D in volume 1, chapter 8, Finance and Administration
In his 6 November 2006 Report, the Secretary-General comprehensively set out the limits of the floor/ceiling mechanism, concluding that,
While the floor/ceiling mechanism provides for some protection against the weakening/strengthening of the United States dollar vis-à-vis the euro, especially when some flexibility is applied in maintaining certain rates of exchange to shield against devaluations, it does not allow for proper adjustment for t…