The ECB’s apparent refusal to engage in the recent outbreak of covert currency wars amongst global policymakers is partly understandable. After all, the single currency’s recent rise has been at least in part an endorsement of the ECB’s own efforts to ease the debt crisis in the region. Nonetheless, if we are right in expecting the strength of the currency soon to start to have more visible adverse effects on the region’s still very fragile economy, concerns that the ECB is being dangerously complacent will surely deepen.
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