However, the country with the larger GDP has an easier time dealing with that upwards pressure, in proportion to that GDP (or to the size of its money supply).
So Germany had an easier time defending exchange rate bands than smaller ERM economies. The brainless should not be in banking -- Willem Buiter
- Jake If you only spend 20 minutes of the rest of your life on economics, go spend them here.
I think you are assuming a constant size of the swarm of sharks. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
