The fact is that, with a flexible exchange rate, a country can offset the recessionary impact of a neighboring country’s monetary easing using its own independent monetary policy, guided by carefully chosen inflation targets. If all countries adopt this approach, the entire global economy benefits.
事实上，在浮动汇率下，一国可以使用以精心选择的通胀目标为指导独立的货币政策抵消邻国货币扩张的衰退影响。如果所有国家都采取这一方针，整体全球经济将因此受益。