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"Given that we operate in more than 200 countries, we take a portfolio approach to currency management and we must look at the overall basket of currencies as we manage our business," Mr. Deutsch said.
But policy choices, especially emerging-economies' currency management, played a big role.
For Turkey, an ambitious program of currency management, bank restructuring and the sale of state-owned companies under I.M.F.
Turkey set up a strict currency management system, imposed budgetary discipline and moved to sell some state assets.
In the essay, he waxed lyrical about what another Greek sage, Socrates, would have made of currency management.
On currency management, China has been under heavy pressure to raise the value of the renminbi, which foreign critics say is maintained at an artificially low level to make Chinese exports less expensive.
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Neil Record, the founder of the currency-management firm, finds that, with the exception of America (which has the privilege of issuing the world's reserve currency), countries with persistent current-account deficits tend to have higher real interest rates than surplus countries.
Reading the alphabet again, the definitions have an almost old-fashioned look, as if they have passed into the language and the currency of management.
Overall, our results point toward the need for taking into account firm and industry level heterogeneity in designing policies aimed at managing exchange rate shocks and also the role of greater financial development in currency risk management.
It also has a corporate bank, which provides cash management, currency trading and other transactions for business clients.
So interest rate policy is all but irrelevant, and the central bank's main role has been in currency exchange and management of reserves.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com