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After all, by tying the renminbi to the dollar, China has effectively turned over its monetary policy to Mr. Bernanke and his colleagues, whose dual mandate of promoting American growth and fighting American inflation says nothing about stopping China from overheating.
If at some point the ruble ever becomes stronger than that foreign currency, Russia could take over its monetary policy again and let the ruble float.
As for China, a more flexible, appreciated currency is clearly in its interest as it would give it more control over its monetary policy and reduce prices of imported goods to its consumers.
Britain is not in the 16-nation euro zone and, unlike Greece and other struggling countries that use the currency, it retains control over its monetary policy.
It would also give China more control over its monetary policy.
But Hong Kong has little control over its monetary policy.
Similar(52)
He said the reason that it was not feasible was because "there is essentially no government in the world that is willing to surrender control over its domestic monetary policy".
Mr Welteke takes over an institution robbed of its monetary dominance in Europe by the advent of the euro.
The G20 will not rebuke Japan over its new aggressive monetary easing policies, according to its finance minister, Taro Aso.
Paul Krugman and Ron Paul just got into it on Bloomberg TV over whose monetary policy views are more dated.
Most of its members' governments did not seek their people's approval to turn over their monetary sovereignty to the ECB.
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