The obvious policy response is intervention to cap the sterling rate, build up foreign-exchange reserves, and offset the monetary effects by issuing sterling debt.
The big question, to me, is: Can U.S. government intervention limit the policy risk imposed on U.S. firms by foreign governments?
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The Tuesday tariff is yet another measure aimed at protecting local industry following sector-specific tax incentives (like the auto industry) and a more aggressive intervention policy to maintain the foreign exchange rate between the U.S. dollar and the Brazilian real at weak levels.
Can U.S. government intervention limit the policy risk imposed on U.S. firms by foreign governments?
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The tone of the white paper has been softened following intervention by the prime minister's policy unit.
Yet he conceded at the weekend meeting that political intervention in the euro's exchange-rate policy should happen only rarely.
In 1999 he publicly supported NATO strikes in the Balkans, arguing that a policy of pacifist non-intervention only played into the hands of dictators.
The policy there is massive intervention to force-feed credit markets and then a selective pull-back (as lately was with housing in some markets) lest the pump be primed too well.
His lectures, and eight books, expressed a deep hostility to government intervention in the market, a policy favoured by followers of John Maynard Keynes, an English economist who was especially influential in the 1930s and 1940s.
It was not so much the war itself as the perceived administration policy of 'stay the course, ' which implied endless intervention with no victory in sight.
Mr. Lindsay suggested that, going forward, monetary policy and intervention by the Federal Reserve would likely have little effect.
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Indeed, studies have shown that even when emerging-market economies say they are floating (as Malaysia, for example, used to), they tend to rely more heavily than the industrial countries do on interest-rate policy and foreign-exchange market intervention to limit actual movements in the exchange rate.
Mr Ramos from Goldman Sachs said the elevated inflation figures and lacklustre growth rates were the symptoms of a policy mix based on government intervention.
Only after China's intervention and our own counteroffensive in the spring of 1951 did the policy of status quo ante emerge.
One thing, generally accepted, is that the Bank of England Monetary Policy Committee's next interest rate intervention will be to lower them, as part of a worldwide move to lower rates.
Many anniversary articles reflecting on the intervention in Grenada have taken the opportunity to compare it to the policy of the United States on Iraq unilaterlism, violation of sovereignty and so forth.
Even before Mr Luff's intervention, the government had been fending off accusations that its controversial National Planning Policy Framework was tantamount to what critics called "a developers' charter".
In fact, just yesterday, Russian Foreign Minister Andrei Kozyrev confirmed charges made recently by the Center for Security Policy (2): Moscow is actively working to thwart Western intervention against its long-time ally, Serbia.
Some diplomats see China's support for the American-led military campaign in Afghanistan as a departure from its policy of opposing armed intervention.
If anything about American transport policy deserves bashing it is the socialised infrastructure with all the misallocation of resources associated with government intervention.
The BBC's Mark Urban said the Libyan intervention fitted well with Mr Cameron's campaign pledge to restore greater independence to Britain's foreign policy.
And he has a decent foreign-policy record, from taking France back into NATO's military structure to his intervention in the 2008 Russian-Georgian war and his joint leadership of the campaign against Libya.
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