Going to the international institutions, it turns out that it makes a big difference how many votes you have AT the institution.

devaluing means that you'll temporarily increase your current accounts deficit during the transition

Automatically, in the neoclassical model. Whether or not it works that way in the real world depends on in which currency the purchase contracts for the imports are denominated.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.