That brings me to the second theme for 2013: which is competitive depreciation.

BBC: New Year messages from Japan

As the recovery slows, a growing number of people worry about a descent into competitive depreciation, as countries try to grab a bigger share of global demand at others' expense, a trend that could fuel protectionism.

ECONOMIST: Currencies

They sell consumer electronics, so they became more competitive globally with the depreciation of the yen.

CNN: Money & Investing

Here's the economics bit: if those periphery countries are going to become more competitive, without a currency depreciation, it follows that their domestic prices and wages need to fall, relative to German ones, and their domestic consumption needs to grow more slowly than their net exports.

BBC: Plan B for the eurozone?

During his campaign, Mr. Abe argued that the Yen is overvalued and that currency depreciation is needed to make Japanese exports more competitive.

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First, because Switzerland is a small country in terms of global trade, depreciation of the franc will not have a big effect on the competitive position of other countries.

ECONOMIST: The terrible temptation to depreciate