The end of Europe's longstanding indifference to the renminbi
In this Policy Contribution, Jean Pisani-Ferry observes the lack of European interest towards Chinaâ??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 Chinaâ??s exchange rate policy.
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- Alan Ahearne & Yung Chul Park & William R. Cline & Jean Pisani-Ferry & Kyung Tae Lee & John Williamson, 2007.
"Global imbalances: time for action,"
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Federal Reserve Bank of San Francisco, issue Feb.
- C. Randall Henning, 2007. "Organizing Foreign Exchange Intervention in the Euro Area," Journal of Common Market Studies, Wiley Blackwell, vol. 45, pages 315-342, 06.
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