Father of Euro questions floating exchange rates

24th September 2010, Comments 0 comments

Floating exchange rates and a narrow mandate to maintain domestic price stability do not go together, says Tommaso Padoa-Schioppa, known as the intellectual impetus behind the creation of the Euro.”To have universal acceptance of floating implies an abandonment of sovereignty as strong as to accept an exchange rate constraint,” reports Reuters. Padoa-Schioppa, a banker, former Italian ...

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