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The end of Europe's longstanding indifference to the renminbi

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  • Jean Pisani-Ferry

Abstract

In this Policy Contribution, Jean Pisani-Ferry observes the lack of European interest towards China‘s exchange policy rate. He believes that Europeans, compared to Americans, are slower to react to external developments. The absence of significant external deficit, doubts about which policy stance is desirable, internal disagreements, an untested governance of exchange-rate relations, and a habit of following US leadership may have all contributed to a slow European response. That said, the Europeans have recently woken up to the issue as the euro has appreciated quickly against both the dollar and the renminbi, and they can be expected to adopt an increasingly active stance on China‘s exchange rate policy.

Suggested Citation

  • Jean Pisani-Ferry, 2008. "The end of Europe's longstanding indifference to the renminbi," Policy Contributions 263, Bruegel.
  • Handle: RePEc:bre:polcon:263
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    File URL: http://bruegel.org/wp-content/uploads/imported/publications/PC_Europe_renminbi_0108.pdf
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    References listed on IDEAS

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    1. Michael P. Dooley & David Folkerts-Landau & Peter M. Garber, 2005. "An essay on the revived Bretton Woods system," Proceedings, Federal Reserve Bank of San Francisco, issue Feb.
    2. Alan Ahearne & William R. Cline & Kyung Tae Lee & Yung Chul Park & Jean Pisani-Ferry & John Williamson, 2007. "Global Imbalances: Time for Action," Policy Briefs PB07-4, Peterson Institute for International Economics.
    3. C. Randall Henning, 2007. "Organizing Foreign Exchange Intervention in the Euro Area," Journal of Common Market Studies, Wiley Blackwell, vol. 45, pages 315-342, June.
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    Cited by:

    1. Jean Pisani-Ferry & Jérémie Cohen-Setton, 2008. "Asia-Europe: the third link," European Economy - Economic Papers 2008 - 2015 352, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.

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