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As a euro member, Ireland cannot devalue to restore competitiveness.
One reason is that Britain can still devalue to boost growth; Spain can't.
Ireland, Portugal and Greece have no national currency they can devalue to regain international competitiveness.
Fawlty Europe ReprintsWithin the euro zone troubled economies cannot devalue to regain competitiveness or loosen monetary policy to suit their needs.
It doesn't help that Greece cannot devalue to help its exports and tourism, nor that the country is already troubled by protests against austerity.
The highly indebted countries of the euro zone "can't grow their way out of debt," Mr. Turner said, nor can they devalue to make their exports more competitive.
Similar(44)
In a crisis being able to devalue and to control your own monetary policy can prove an advantage.
The zloty was devalued to allow for convertibility.
The dollar should be devalued to encourage exports and slow the financialization of the economy.
Business groups had wanted the currency devalued to make exports more competitive.
Higher education being devalued to such an extent that even Huddersfield got a university!
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com