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" ... Perhaps it’s time to jettison the international anti-system and go for stability. So, how would we do that? The world’s two most important currencies — the dollar and the euro — should trade in a zone of stability ($1.20 – $1.40 per euro, for example) via formal agreement,. Under such an agreement, the European Central Bank (ECB) would be obliged to maintain this zone of stability by defending a weak dollar via dollar purchases. Likewise, the U.S. Treasury (UST) would be obliged to defend a weak euro by purchasing euros. Just what would have happened under such a system (counterfactually) since the introduction of the euro in 1999 is depicted in the chart below. When the euro-dollar exchange rate was less than $1.20 per euro and the euro was weak, the UST would have been purchasing euros (in the 1999 - 2003 and the 2014 - 2019 periods). When the euro-dollar exchange-rate was above $1.40 per euro and the dollar was weak, the ECB would have been purchasing dollars (in some of the 2007-2011 period). ... "
" ... So, what has to be stabilized? The world’s two most important currencies — the dollar and the euro — should, via formal agreement, trade in a zone of stability ($1.20 – $1.40 per euro, for example). Under such an agreement, the European Central Bank (ECB) would be obliged to maintain this zone of stability by defending a weak dollar via dollar purchases. Likewise, the U.S. Treasury (UST) would be obliged to defend a weak euro by purchasing euros. Just what would have happened under such a system (counterfactually) since the introduction of the euro in 1999 is depicted in the chart below. When the euro-dollar exchange rate was less than $1.20 per euro and the euro was weak, the UST would have been purchasing euros (in the 1999 - 2003 and the 2014 - 2018 periods). When the euro-dollar exchange-rate was above $1.40 per euro and the dollar was weak, the ECB would have been purchasing dollars (in some of the 2007-2011 period). ... "