in international finance, the really dramatic depreciations occur when exchange rates are rigid and are defended by the Central Banks "to the death."
whether or not the various currencies that make up the euro end up breaking up, however, depends on how close their values are to fundamentals and how easy it is for the various economies to adjust to the exchange rates. On 6/3/05, Doug Henwood wrote: > As I recall, there's no provision in the treaty on monetary union for > reversing it - it's supposed to be "irrevocable." Could be an > interesting legal and political adventure. -- Jim Devine "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl M., paraphrasing Dante A.
