Copiamos inmediatamente, un artículo del Finantial Times de Londres, en el que agregamos detalles al tema que hemos venido llamando la “Guerra de las divisas”. Y en la que inevitablemente nuestro colón está inmerso.
Lo que hemos constatado es que un número significativo de fuentes originarias de los EUA e Inglaterra fundamentalmente, publican noticias con la orientación de presentar ante la opinión internacional, un panorama de debilidad y crisis en la zona del euro; mientras que, por el contrario, fuentes originadas en Francia, Alemania y Bruselas publican noticias con la orientación de ofrecer un panorama de inestabilidad y debilidad de los Estado Unidos y su moneda el dólar.
September 19, 2011 8:45 pm
FT.com – Brazil to seek new arms for currency battle
Brazil to seek new arms for currency battleBy Joe Leahy in São Paulo and Alan Beattie in WashingtonBrazil is set to propose an “exchange rate anti-dumping” measure to the World Trade Organisation that would allow countries to retaliate against trading partners that undertake competitive devaluations of their currencies.Brazil’s Geneva office is working on the plan, which would mark an escalation of what Latin America’s largest economy has dubbed the “currency war” – the battle against what it sees as the use of loose monetary policies by reserve-currency issuers such as the US to boost their exports.MoreOn this story Lex Emerging market FX controls Dilma says Brazil will back a eurozone rescue Brazil levies imports of Chinese steel tubes Editorial Dilma’s new broom Brazil pledges to increase budget surplus“This discussion is ripe to be had now,” Fernando Pimentel, development minister, told Brazilian newspaper O Estado de S.Paulo. “All countries are facing the same problem of the devaluation of the dollar.”The move comes as Brazil is increasingly blazing its own path in its efforts to deal with the fall out of the global economic crisis.Last month, it slashed interest rates by 50 basis points to 12 percentage points in spite of persistently high inflation, arguing that the global economic slowdown mandated the cut.The move was a break with other emerging markets, most of which have so far decided to hold fire until the global economic outlook becomes clearer.Brazil has also proposed a Brics rescue effort for the eurozone, although most commentators believe this may be more about raising the country’s profile in international affairs than seriously tackling Europe’s problems.The same may be said of Brazil’s proposals for new WTO rules. There have occasionally been suggestions about addressing misaligned exchange rates in the WTO but its existing laws are vague on the subject and the likelihood of negotiating new rules is close to nil.WTO rules dating from the founding treaty in 1947 state that its members “shall not, by exchange action, frustrate the intent of the provisions of this agreement”. But that law, written at a time of the Bretton Woods global fixed exchange rate system, would be extremely hard to apply today given the huge uncertainties around estimates of fair value for currencies.Some US lawmakers have suggested incorporating estimates of currency misalignment into the “countervailing duties” that the US and other countries impose on imports they deem to be state-subsidised but many lawyers believe such a move would be open to legal challenge at the WTO.Under Brazil’s WTO plan, the development and foreign ministries are proposing that countries be permitted to retaliate with additional import tariffs against rivals that allow a depreciation of their currencies beyond a certain band.The level of depreciation considered anti-competitive would be set by the International Monetary Fund.Estado reported that Brazilian diplomats had sounded out the US and China over the proposal and had met “strong resistance”.Brazil believes the current levels of import duties, which can be set at up to 35 per cent, were decided at a time of stable exchange rates in the early 1990s and no longer reflect the present reality.Brazil’s government has been among the most vocal in the developing world over swings in currencies over the past two years and has adopted a series of measures to protect domestic industry against cheap imports following the sharp appreciation of its currency, the real.Although the currency weakened following an interest rate cut last month, the real hit a 12-year high against the dollar in July and is up by 36 per cent since the start of 2009.Its strength has helped make imports of goods from countries with currencies whose exchange rates are closely linked to the dollar, such as China, much cheaper.
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