On the record - Mervyn King

The current international monetary system comprises three large currency blocs: the dollar, the euro, and an Asian bloc of currencies that are to varying degrees fixed against the dollar. These blocs, of broadly comparable size, produce more than two-thirds of world output in total. Given their size, the choice of exchange rate regime of one bloc has a significant effect on the options available to the others.

Countries have always faced constraints in choosing their exchange rate regime. Any

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