A number of assumptions have been adopted for the projections presented in the World Economic Outlook (WEO). It has been assumed that real effective exchange rates remained constant at their average levels during July 29–August 26, 2013, except for the currencies participating in the European exchange rate mechanism II (ERM II), which are assumed to have remained constant in nominal terms relative to the euro; that established policies of national authorities will be maintained (for specific assumptions about fiscal and monetary policies for selected economies, see Box A1 in the Statistical Appendix); that the average price of oil will be $104.49 a barrel in 2013 and $101.35 a barrel in 2014 and will remain unchanged in real terms over the medium term; that the six-month London interbank offered rate (LIBOR) on U.S. dollar deposits will average 0.4 percent in 2013 and 0.6 percent in 2014; that the three-month euro deposit rate will average 0.2 percent in 2013 and 0.5 percent in 2014; and that the six-month Japanese yen deposit rate will yield on average 0.2 percent in 2013 and 0.3 percent in 2014.