After Thursday’s unexpected and dramatic revaluation, by the Swiss National Bank, of the Swiss franc, the euro fell sharply against the dollar on Friday, at one point dropping below $1.15. Observing the gyrations in the currency markets, it is easy to get alarmed. What do they portend?
It means big losses for some individuals and institutions that were on the wrong side of the moves (and big gains for others). For the rest of us, the apparent chaos in the markets contains some good news. Traders and currencies are reacting to a new policy regime, in which the Federal Reserve is moving toward raising interest rates while the European Central Bank embarks on a policy of quantitative easing—i.e., creating large sums of money then used to purchase government bonds and other financial assets—that is designed, in part, to bring down the value of the euro. With the euro-zone economy still chronically depressed, and the U.S. economy expanding at an annual rate of more than four per cent, a substantial devaluation of the euro is precisely what is needed...[...] newyorker.com
foto : Thomas Jordan, the chairman of the Swiss National Bank, at a news conference in Zurich on Thursday.
PHOTOGRAPH BY ARND WIEGMANN/REUTERS
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