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Leaders are trying to sort through those issues to avoid a string of currency devaluations that could stunt a global recovery.

In a euro-less Europe, its trading partners could have erased some of that advantage by devaluing their currencies.

Analysts said the move was likely to increase speculation that countries were set to engage in a bout of competitive devaluation.

Devaluation of a currency also directly harms importers as the cost of imported goods is inflated by the devaluation of the currency.

The devaluation of the currency had an immediate effect. Japanese textiles began to displace British textiles in export markets.

Devaluation might have been an obvious remedy, but can only be achieved by leaving the currency union.

A more subtle way of getting rid of at least part of your foreign debt is to allow your currency to depreciate.

and, when the provincial currency had depreciated fifty or seventy-five per cent. , he bought it up in expectation of a rise.

Most leaders therefore find currency devaluation so unthinkable that, at first glance, austerity seems to be the only choice.