The euro: a relief valve for imbalance

With the US dollar likely to resume its decline later this year because of an expanding US current account deficit, many are concerned that Asian FX policies are insulating the region from bearing its fair share of the adjustment process. China's currency peg is but one example of an attempt to support exports through foreign exchange policy.

But whereas objections to China's currency peg have largely come from the US, it is Europe that has the most to lose. A weaker US dollar will not deter

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