G7 statements aid currency management
The G3 currencies move in the direction intended by the G7's communiques, research from the European Central Bank (ECB) indicates.
The paper shows that the reputation and credibility of the G7, and the clarity and consensus in its communication are crucial for the G7's ability to manage the G3 currencies - the dollar, the euro and the yen.
The research finds that being explicit and speaking out in the past about G3 currencies and misalignments has proven to be beneficial for the reputation of
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