The US obsession with the Chinese exchange rate is a classic example of blaming foreigners for domestic woes. And we’ve been here before. In the 1980s, the US government – reacting to political pressure from ailing US manufacturers – engineered a massive yen appreciation. That did as little to sav
The world financial crisis will either leave European financial integration in tatters or quicken the development of European fiscal capacity. European integration is a historical process that routinely stumbles upon
One of the joys of being a seasoned observer of foreign-exchange markets is watching the interplay of exchange rates with politics, policy and psychology across a couple of cycles. Whenever
