One foreign finance ministry official was famously quoted as denouncing it as “clueless,” while others dubbed it the start of a “currency war.” Officials from emerging markets with managed exchange rates argued that the United States “has not fully taken into consideration the shock of excessive capital flows to the financial stability of emerging markets.” 5  5  See, for instance, Steven Hill (2010), “Germany Speaks Out,” Op-Ed, New York Times, November 13, www.nytimes.com/2010/11/13/opinion/13iht-edhill.html?_r=0; Jonathan Wheatley and Peter Garnham (2010), “Brazil in ‘Currency War’ Alert,” Financial Times, September 15; and Newsmax Finance (2010), “China: Fed Easing May Flood World Economy With ‘Hot Money’,” Newsmax Media, November 8, www.newsmax.com/Finance/StreetTalk/China-Fed-Easing-Flood/2010/11/08/id/376288.
This suggests that won’t be possible to exit from this crisis and return on a sustainable growth unless the imbalances which have accumulated until a couple of years ago are reabsorbed.