- Devaluation doesn’t historically help competitiveness
- FX role in monetary policy only in terms of inflation
- ECB should not do any more to combat debt crisis
- ECB measures have stretched the central bank’s mandate
Euro quickly pops above the European high of 1.3413. There are strong offers at 1.3425/30 and more at 1.3450/60.
These comments shouldn’t be a surprise to anyone. The only politicians/officials barking about the euro are in France.
