But, these exchange rate issues go beyond just the European framework. BIS central bankers’ speeches  1  At USD 1.37, isn’t the euro overvalued from a French perspective? France’s situation within the euro area is exceptional in that it is the only country, at present, with such a large current account deficit – [Editor’s note: € billion in 2013].
2  •  Since the introduction of the euro, the cross-country standard deviation of interest rates in the interbank money market has plummeted.