Gadfly
Talking Down the Euro Won't Work
Mario Draghi should remember how his predecessor tried, and failed, to weaken the common currency.
This article is for subscribers only.
Mario Draghi is about to discover that what goes up doesn't necessarily come down.
On Thursday, the European Central Bank revealed that "concerns were expressed about the risk of the exchange rate overshooting in the future" at its July 19-20 policy meeting. The euro duly dived to a three-week low; but its decline proved temporary.