I’ve also described how the Reserve Bank operates in the foreign exchange rate and discussed some of the forces affecting the exchange rate at the moment. 10  See Krugman P (2013), “Currency War Confusions”, The New York Times, 15 February. Available at <http://krugman.blogs.nytimes.com/2013/02/15/currency-war-confusions/>. 11  This was the archetypal “beggar thy neighbour” scenario, with competitive devaluations.
See Eichengreen B (1992), Golden Fetters: The Gold Standard and the Great Depression, 1919–1939, Oxford University Press, New York. 12  Lowe P (2012), “What is Normal?”, Address to the Australian Business Economists Annual Dinner, Sydney, 5 December. 6  BIS central bankers’ speeches