Devaluing the pound isn’t a solution, it’s default
Jul 9, 2012
Greece’s inability to devalue its currency is often cited as a reason for the extreme economic pain its citizens are enduring, and many commentators say the country should return to the drachma to restore competitiveness. In the U.K., which ― unlike Greece ― isn’t part of the euro area and can devalue if it wishes, there’s growing pressure to do so. A letter recently circulated to some 3,000 influential figures proposed deliberately weakening the British pound to boost exports and hence economic