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It can be argued that devaluation is an unintended indirect consequence of QE - as opposed to the direct maintenance of a currency cap or peg - as the Swiss did until recently - through buying and selling Euros. So this seems a Treaty obligation more honoured in the breach.

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by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Wed Jan 28th, 2015 at 07:26:49 AM EST

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