1992年9月之前，在欧洲货币体系中里拉/德国马克的汇率被控制在±2． 25%的范围内浮动。假设里拉/马克的中心平价

和浮动范围就这样固定下来，那么1年期的里拉存款和德国马克存款的利率之间可能出现的最大差值是多少？半年期的呢？3个月的呢？答案是否令你感到惊讶？请给予一个直觉的解释。

In the EMS before September 1992 the lira/DM exchange rate could fluctuate by up to 2.25 percent up or down．Assume that the lira/DM central parity and band were set in this way and could not be changed．What would have been the maximum possible difference between the interest rates on one-year lira and DM deposits？ What would have been the maximum possible difference between the interest rates on six-month lira and DM deposits？ On three-month deposits？ Do the answers surprise you？ Give an intuitive explanation．