Floating Exchange Rates Add to Global Economic Uncertainty

Nobel economics laureate Robert Mundell wrote in 1998 that the dollar-euro exchange rate would go on to become ‘the most important price in the world.’ Mundell, who was known as the father of the euro, was exactly right. Since the euro was introduced in the following year, the dollar-euro has been, by volume of transactions, far and away the most important currency pair.

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