However, what I puzzle over is the impact on the BOVESPA of the reduced export competitiveness of the currency?

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"These include the rigidities in labour and services markets, and low levels of innovation, which continue to drive France's gradual but sustained loss of competitiveness and the gradual erosion of its export-oriented industrial base, " Moody's said.

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Despite a well diversified and large economy, a gradual loss of competitiveness has eroded its export-oriented industrial base.

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In the US at a similar panel, questions regarding the affect of export laws on US competitiveness around the world are a hot topic.

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Attempts to regulate or restrict the export of American biotechnology are likely to backfire and hurt American competitiveness.

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Indeed, the turmoil is partly fueled by market expectations that Asian currencies pegged to the dollar will be devalued to preserve export competitiveness, given the greenback's strengthening in the past couple of years.

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America is such an important export market for both that neither would cope easily with such a loss of competitiveness.

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In fact, the real's devaluation could help maintain Asia's crucial export growth by slowing the recent strong appreciation of currencies such as the baht, the won and the yen, which could undermine export competitiveness.

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