And, as I said, we should not even want to try to do so. What we should want is a system that permits the United States, the euro area, and Japan to pursue policies to achieve domestic objectives, without generating wide and unsustainable swings in exchange rates.
But cyclical swings in exchange rates and trade deficits that naturally arise from cyclical divergences across the countries should neither be avoided nor regretted. These movements are potentially stabilizing and part of the benefits of a flexible exchange rate regime. We have seen that very clearly recently.