Unlike the old days, the threat of currency wars is not directly related to trade imbalances and balance-of-payments crises. Rather, an important driver is major central banks’ pursuit of experimental measures in order to compensate for policy inadequacies and political dysfunction elsewhere.
与过去不同，货币战争的威胁并不直接与贸易不平衡和国际收支危机相关。相反，其中一个重要的驱动力是各主要国央行都采取实验性的措施来补偿其他方面的政策失当和政治系统运作失调。