The doctrine of benign neglect of the currency and of capital no longer commands the intellectual consensus it once enjoyed.
Threadneedle Street is adopting a policy of benign neglect towards the currency, seeing a cheaper pound as a mechanism for boosting growth through higher exports.
Rich countries can afford to treat their currencies with benign neglect.
In these days of floating currencies, it is no longer necessary to announce a formal devaluation; benign neglect can allow the currency to fall.
The currency, once the object of "benign neglect", has become a key driver of monetary policy.
The action risks aggravating tensions over currency levels, but it could have a more benign effect.
President Trump's tough talk on trade is making markets increasingly nervous that the long and benign reign of the U.S. dollar as the international reserve currency may be over.
However, the fund warned that this (relatively) benign outcome depended on interest rates falling and a country's currency depreciating to boost exports.
However, Ray Farris from Credit Suisse told the BBC that currency weakness, like that of the yen, can be just a by-product of benign monetary policy designed to boost domestic economies.
Despite the volatility of the currency issue, the language in the concluding statement of the I.M.F.'s policy-setting committee was benign.
