The threat of "currency wars"
In this paper, originally written for the Economic and Monetary Affairs Committee (ECON) of the European Parliament on 30 November as part of the series entitled 'The threat of "currency wars": global imbalances and their effects on currencies', Bruegel Fellows Jean Pisani-Ferry and Zsolt Darvas argue that the currency war has three manifestations: 1. currency pegs, 2. recent attempts by floating exchange rate countries to resist currency appreciation and 3. quantitative easing. Europe should primarily be concerned about the first issue, which is related to the renewed debate on the international monetary system.
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