Policy insights

Policy Insights

Policy Insight 70: The euro in the 'currency war'

All currencies cannot be weak at the same time ? if one currency weakens, at least one other must strengthen. From this unpleasant arithmetic emerges the concept of 'currency wars', a mutual and vain race to the monetary bottom. The reality, however, is somewhat more complex.

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Plantin, G, P Gourinchas, P Martin and A Bénassy-Quéré (eds)