
‘Truce’hassurelybecomeoneofthemoretrendingwordsincurrencyandfinancialmarketcommentaryinrecentweeks.Itisindeedappealingtothinkthatpolicymakersmightbeabletocollectivelyovercomethetragedyofthecommonsthatcurrencywarsentail.Thetemptationtocheat,though,andfollowone’sownrationalselfinterests,islikelyhigh,evenifthatwillultimatelybecontrarytothecommongoodofeveryoneinvolved.WitheverysingleG10andmajo...