It has only taken since 1933 for government to final admit that competitive devaluation of currencies actually harms the economy. In a G20 communique after a meeting of finance ministers and central bankers in Moscow, they stated:
“We recognize that the excessive volatility of financial flows and disorderly movements in the exchange rates have adverse implications for economic and financial stability. We will refrain from competitive devaluation of currencies. We will not focus our exchange rates in order to compete, we will refrain from all forms of protectionism and keep our markets open, “
The question is: Have they finally learned their lesson or is this just for show?