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The Riksbank jacked interest rates up to 500 % (yes, really) before it conceded defeat and let the krona float.

In the immortal words of the Bundesbank:

The Bundesbank with its commitment to price stability had refused to lower interest rates massively. The partner countries are forcibly reminded of their responsibility for their currencies; the process of convergence needed for monetary union is strengthened.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Aug 11th, 2011 at 05:27:21 PM EST
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