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Banking fragility rooted in justice failures Evidence from Ukraine
Policy Contribution

The Cost of America’s Free Lunch

10 November 2010

The Cost of America’s Free Lunch

For decades, the world has complained that the dollar’s role as global reserve currency has given the US guaranteed access to cheap money. But there is no free lunch: in this Commentary, CEPS Director Daniel Gros tells the US that it must choose between job creation, which requires a more competitive exchange rate, and cheap financing of its external and fiscal deficits.


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The Cost of America’s Free Lunch
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