Bibow, Jörg (contributor) - 2006
raised their U.S. exposure, driving the dollar up
against the euro, for instance.
2
As their keenness subsequently tired … and they rolled back their
U.S. exposure, the euro appreciated again. At that point, the trade account region’s official …
adjustment, the euro area increased its surplus over the same period” (Henning 2000).
From early on, the IMF, too, stressed the …