Jackie Danicki

Johnathan Pearce (the pseudonym of a veteran financial journalist in London) puts it as succinctly as I have seen:

With a large budget and current account deficit, the US has been letting the buck drop to make its exports more competitive overseas and as a result, the euro and the pound have risen, making it cheap for Brits to take their holidays in the States, for example. There is some sign that this exchange rate movement is working (I am actually pretty bullish about American exporters for the next year. I am actually quite upbeat about the US economy, which is always written off, with a hint of anti-American bias, by the usual commentators).

But will the EU impose exchange controls? Pearce thinks not. I hope he is right.

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