| According to Fabrice Brégier, chief executive of Airbus's passenger jet business, the euro is far too high. Quoted in this morning's FT, he called on the European Central Bank to take immediate steps to devalue the currency by around 10 per cent against the dollar. His opinion echoes remarks by Sir Mike Rake, president of the CBI, about the pound sterling, which he similarly views as far too high.
It scarcely needs saying that race to the bottom, competitive currency devaluation is ultimately a zero sum game that benefits no one. Unfortunately, that hasn't stopped several of the world's major currencies from playing it. The US was first out of the hatches with central bank money printing (quantitative easing) in the immediate aftermath of the Lehman Brothers collapse, followed swiftly by the Bank of England..........................................Full Article: Source
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