The politics of currencies

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Adam Tooze argues that worrying about the euro exchange rate and a non-existent inflation enemy in Europe must give way to fiscal and monetary demand boosts.

On September 10th, as they waited for the European Central Bank press conference, market actors and financial commentators held their collective breath. The eurozone sovereign-debt markets were calm, the Pandemic Emergency Purchase Programme has ample headroom and the euro-area economy was showing signs of recovery. Yet the anxious question hanging over the event was whether ECB officials would mention the euro’s recent appreciation against the dollar—and, if so, what words would they use?

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