Mr Krugman, who pioneered formal economic analysis of what causes currency crises, points out that Asia's banks and finance companies operated with implicit government guarantees.

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What, in the final analysis, stands behind this currency?

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The international community wants the eurozone to demonstrate what - in the final analysis - stands behind the single currency.

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Stocks and bonds are, in the final analysis, pieces of paper promising units of currency in the future.

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In our own analysis of our problem, we feel the currency crisis is both the product of internal and external factors.

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The current analysis suggests that the Brazilian real is the most overvalued currency.

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As a result, it applies a very different set of criteria in its analysis of investment risk than it would for a private company, or even a government whose currency has no reserve status.

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