Besides, many countries seek to keep the value of their national currencies stable against the dollar. This policy may well be considered a source of concern. The preference of some countries, like China, not to use the exchange rate as an adjustment tool in their relations with the United States adds pressure to other currencies, e.g. the euro and the Canadian dollar.
But the first – and absolutely necessary – condition for success is that governments accelerate fiscal consolidation and are unwavering in their implementation of the tough measures that are indispensable. FAZ: What will happen if the market failure that you observed continues and the ECB is forced to purchase more and more bonds? Will it not then become increasingly difficult to stop the process?