Although co-ordinated exchange rate intervention is taboo at present, it has been attempted in the past and could, in principle, be tried again in future. Admittedly, both the political and economic hurdles to such an agreement are greater than they were in the 1980s, when the original Plaza Accord was struck. But if the euro-zone crisis flares up again, and particularly if the single currency appreciates once more, a new Plaza-type agreement centred on weakening the euro could yet come onto the agenda.
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