The reason is that the underlying belief that freely floating exchange rates are unambiguously an obstacle to international trade and domestic macroeconomic stability is based on a fundamental confusion.
The adjustment policy is a textbook example of how economies like ours should respond to foreign exchange market pressure. The keys to success are early detection of the problem and swift implementation of tax increases and public expenditure cuts, sufficient to reduce the demand for imports. With that episode behind us, the focus returns to measures to grow the economy.