The country that coined the term “currency wars” has just added to its rhetorical arsenal. Brazil wants the World Trade Organisation to allow “exchange rate anti-dumping measures”, which would let Brasilia retaliate against countries that undertake competitive devaluations of their currencies via ultra- easy monetary policies. The proposal does not stand a chance. But it is a worrying sign of the kind of protectionism the world has so far avoided in four years of financial crisis and recession.
發明「匯率戰」一詞的巴西又整出新詞兒了——該國建議世貿組織(WTO)允許成員國採取「匯率反傾銷」措施。藉助這類措施，巴西便可對那些通過實施超寬鬆貨幣政策來從事競爭性貨幣貶值的國家展開報復。這一建議當然不可能得到採納。但它釋放出了一個令人不安的信號：在世界陷入金融危機和經濟衰退的這四年裏，國際社會迄今一直成功避免的那類貿易保護主義正在抬頭。
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