Concluding, I do not think there is an explicit currency war, but the risk of diverging and uncoordinated national policies, focused exclusively on an internal dimension and short term objectives, is becoming more worrying. We must make our policies more global, more aware of the need of taking into account the impact they have on each other.
The international community has shown to be able to work together to avoid a collapse of the global economy. Now it has to prove that it is able to do the same even at a time when the emergency is behind us, but we are still confronting very serious challenges. BIS central bankers’ speeches  3