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The significance of which cannot be overestimated

The news last week that the United Arab Emirates and Qatar are considering dropping the dollar peg is another important development,
the significance of which cannot be overestimated.
If this happens, it may well mark the unravelling of a regime known in the policy jargon as Bretton Woods II.
Wolfgang Münchau, FT November 18 2007

The Chinese will not revalue the renminbi just because a Luxembourger tells them to, even when flanked by a Spaniard and a Frenchman. But this is the start of a new process.

All this talk about active exchange rate management is evidence that the country’s policy elites, including President Nicolas Sarkozy, are still trapped in the small-economy past.

Full text

Some believe the world has entered a new era of managed exchange rates
- Bretton Woods 2 - with Asia providing a limitless source of funding for the US current account shortfall for the foreseeable future.
George Magnus of UBS thinks this view is an illusion.
Philip Coggan,Financial Times October 18 2004