Rolf Englund IntCom internetional
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 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 countrys policy elites, including President Nicolas Sarkozy, are still trapped in the small-economy past.
Some believe the world has entered a new era of managed exchange rates