The myth of currency wars.

"‘Currency war’ is a complete misnomer. What we are talking about is global monetary easing."

"The problem is that many commentators, journalists, economists and policy makers think that exchange rate movements in some way are a zero sum game."

"Monetary easing is not a zero sum game – in fact in an quasi-deflationary world with below trend-growth a currency war is in fact a race to save the world."

"In my view most people fail to understand the monetary aspects of currency moves – both within a floating exchange rate regime and with managed or pegged exchange regimes."

"So to conclude, the most important channels of exchange rate policy is monetary – the velocity effect and the money supply – the competitiveness effect is nearly as irrelevant as interest rates is."