18 May 2015
Enforceable Currency Disciplines and International Trade
Ever since the post-gold standard age of adjustable exchange rates was inaugurated in the mid-1930s to consensually engineer a negotiated depreciation, the question of exchange rates and of trade have been entwined and subject to international oversight. This certainly should not mean that US trade policy bureaucrats should obtain the power to usurp the IMF’s (and the Treasury Department’s) statutory authority and assess, and enforce, exchange values.