Unless countries are using direct intervention to pursue contradictory exchange-rate goals, a “currency war” that generates widespread inflation is highly unlikely. If each country tailors its monetary policy to domestic macroeconomic objectives, exchange rates will settle naturally in a state of Pareto (or maximum) efficiency.
纳入这些条款将是一个错误——因为汇率问题本质上与贸易协议无关。事实上，这一方针——它有可能导致给相关经济体带来无穷好处的协定流产——建立在一个谬误的基础上。除非各国直接干预追求互相矛盾的汇率目标，否则就不可能爆发能导致普遍通胀的“货币战争”。如果各国按照本国国内宏观经济目标制定货币政策，汇率将自然形成帕累托（或最大）有效状态。