Mr Eichengreen, for instance, wants emerging economies to discourage short-term capital inflows to minimise exchange-rate volatility.

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Its global role would increase as assets were shifted into euros, but global exchange-rate volatility would rise.

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For many emerging economies, small financial markets mean that exchange-rate volatility will be a structural, not a temporary problem.

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Linking the kiwi dollar to the Australian dollar would not eliminate the overall risk of exchange-rate volatility facing New Zealand firms.

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He is not short of bold ideas, including a global financial tax, the regulation of commodity derivatives and measures to limit exchange-rate volatility.

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Never short on ambition, Mr Sarkozy wants the G20 to become the forum for talks about global economic stability and governance, including exchange-rate volatility.

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Investing in international markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation.

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