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. These comments shouldn’t be a surprise to anyone. The only politicians/officials barking about the euro are in France. (full story)