Using exchange rates to boost net exports is a zero-sum game at a time when private and public deleveraging is suppressing domestic demand in countries that are running current-account deficits and structural issues are having the same effect in surplus countries. After all, a weaker currency and better trade balance in some countries necessarily implies a stronger currency and a weaker trade balance in others.
在私人和公共去杠杆化侵蚀着经常项目赤字国内需而结构性问题给盈余国带来相同影响的当口，用汇率来提振净出口是一个零和博弈。毕竟，一国货币贬值和贸易平衡的改善必然意味着其他国家货币升值和贸易平衡的恶化。