It was inevitable, as Europe cannot grow with too high a currency value.

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Last month, UBS reported a 49% drop in quarterly profit - worse than expected - after business was hit by weaker trading and the high value of the Swiss currency.

BBC: UBS logo

In other words, when the value of the currency is too high compared to the standard, you increase the supply.

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They will default, their currency will lose value, and high inflation will result, causing higher unemployment and a further erosion of their economy.

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But with banking restrictions, high inflation, and the plunging value of Iran's currency, many drugs are costly and hard to find in Iran.

BBC: Iran's HIV/Aids sufferers struggle for survival

Last week, France called for the European Central Bank (ECB) to consider setting a target for the single currency - steering it lower when the value became too high.

BBC: Euro rises as finance ministers meet

Among the countries hardest hit by the oil crisis is Indonesia, which has seen a 10% fall in the value of its currency, the rupiah, this year because of high oil prices.

BBC: NEWS | Business | Oil price threatens Asian growth

Because China does not disclose the composition of the basket, setting the value of the yuan in this way provides its currency managers with a high degree of flexibility.

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The surprising news overnight that the Swiss National Bank announced it will peg the Swiss franc to the value of the Euro currency did coincide with gold prices backing well off the record high scored in earlier trading Tuesday.

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Any bond investor will tell you that, assuming a currency of stable value such as is provided by a gold standard system, yields on high-quality debt will tend to decline in a recession.

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