Not that we knew much about this in the first place, as some people would have you believe! Should monetary policy react directly to exchange rate movements or should it only focus on inflation and real GDP? It is often asserted that the more we integrate global markets, the more we have to sit back and let markets work.
Ben S Bernanke: Lessons from the failure of Lehman Brothers Testimony by Mr Ben S Bernanke, Chairman of the Board of Governors of the Federal Reserve System, before the Committee on Financial Services, US House of Representatives, Washington DC, 20 April 2010.