Guido Mantega, the Brazilian finance minister, is warning of new currency wars. Robert Zoellick, World Bank president, is arguing for a new gold standard. US policymakers suggested numerical balance of payments targets. Their Japanese counterparts are busy intervening to prevent further Japanese yen appreciation. The casual observer can be forgiven for believing currency imbalances are at the centre of the international financial crisis and their correction the salvation of the world economy. This would be an error.
巴西財長吉多?曼特加(Guido Mantega)對新的匯率戰爭發出了警告。世界銀行(World Bank)行長羅伯特?佐利克(Robert Zoellick)主張施行一種新的金本位制。美國決策者提出了數字化的收支平衡目標。日本則正忙于干預匯市,以阻止日元進一步升值。一些漫不經心的觀察人士的想法可以原諒,他們認為,此次全球金融危機的核心問題是匯率失衡,而修正這種失衡將挽救全球經濟。但這是錯誤的。