This currency-cross features the Euro and the Turkish Lira. In this pair, the value of one Euro is quoted in terms of the Turkish Lira. Historically, the Turkish Lira has been pegged to currencies such as the British Pound, the French Franc, and most recently the US Dollar. Traders were attracted to the high volatility associated with this pair during pre-crisis conditions. Since then, volatility has declined due to monetary policy aiming to maintain price stability in the Euro-Zone.