The issue of "currency wars" has generated a great deal of noise from politicians around the world. This in turn has created a great deal of irritation among economists; it is a distraction from more important, complicated decisions that have to be made.
Politicians like to talk about foreign exchange levels. For a politician, currency markets are simple (politicians tend to like simple things). A rising currency is bad for your exports. A falling currency is good for your exports. Foreigners trying to weaken their currency to help their companies are obviously bad. If you try to weaken your currency, you are obviously just righting a wrong.
Most importantly, currency markets move quickly, allowing politicians to achieve instant gratification: "I told you I would weaken the currency, and here it is weaker. Vote for me".
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