If the preferred multilateral remedies continue to fail, revealing a huge gap in the international economic architecture, the aggrieved countries should act together to induce currency aggressors to mend their ways. The most direct action would be countervailing currency intervention through which the US Federal Reserve and the European Central Bank buy foreign currencies to offset the exchange rate impact of others’ aggression. Another option would be a surcharge on imports from currency aggressors, as adopted unilaterally by the US in 1971. A third approach would be to impose a transactions tax or a withholding tax on US and European assets accumulated by the aggressors. Given the huge costs of currency aggression, such measures may become necessary to resolve this global systemic problem and allow recovery in the US and Europe.
如果理想的多边措施仍无法奏效,反映出当今国际经济架构存在巨大缺陷,那么受到侵害的国家应当携手合作,迫使汇率干预国改正自己的做法。最直接的措施将是对汇率干预发起反击,美联储(Fed)和欧洲央行(ECB)都买入外汇来平衡其他国家干预汇率造成的影响。第二种措施是对来自汇率干预国的进口征收额外费用,就像美国在1971年单方面所做的那样。第三种措施是对汇率干预国积累的美国和欧洲资产征收交易税或者代扣所得税。鉴于汇率战将造成巨大的代价,这几种措施对于解决这一全球系统性问题、使美欧实现复苏可能是必不可少的。
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