18% is the universal standard.
That's what the Photo 101 books say, but there is actually quite a bit of disagreement as to whether there really is a standard. I've read some experts on camera gear claim most meters measure for 13% gray. There's also been rumors about the "K factor" around for decades, which is a premise that meters in consumer cameras are set to approx 1 stop brighter than middle gray because most of their buyers are light skinned whites and asians, and it makes for better portrait exposure, particularly with neg film.
There's also the issue of manufacturing quality control and calibration. I sold cameras for 4 years. When we were bored we fiddled with gear. It was my experience that you could take a gray card, place it in unchanging light, and meter it with various cameras, and even in the same model line the camera meters varied by up to a stop. This occurred in Nikon, Canon, Pentax, Olympus, and Pentax. We eliminated as many variables as possible by using the same settings, such as metering modes, and filling the frame with the gray card.
That's why individual film speed testing is so important. Variations in supposedly identical gear is part of how come 2 students in Photo 101, both using the same gear, film, and processing techniques can come up with completely different personal ISOs. We used TMY-400 in Photo 101. After we did film testing most people ended up with a personal ISO around 200, but a few stayed at 400, and some even got 800. We were all using major brand name 35mm film SLRs.
http://bythom.com/graycards.htm
http://www.richardhess.com/photo/18no.htm
In the end the great thing about digital, and having a histogram available, is that I can analyze the exposure itself, and i don't have to rely on the meter being 100% accurate. The histogram tells me much more than the meter ever did.
EDIT: "correct exposure" is an opinion. If the exposure allows the photographer to realize their vision the best it is correct. If it causes problems in realizing their vision it is incorrect. It doesn't matter if expose to the right works for me. It only matters what exposure techniques work for you.