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But we continue to avoid a true floating-rate system. Since Bretton Woods ended we have seen 40 years of surrogates of fixed exchange rate systems. Possibly because Central Banks don't want to, or don't know how to, regulate and then hedge against the foreign currency exposure of their domestic economies.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Sep 1st, 2011 at 04:19:15 AM EST
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