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Browse thousands of words and phrases selected by Financial Times editors and suggest new terms for the glossary.


Term of the day

currency wars

The term currency wars, coined in September 2010 by Guido Mantega, Brazil’s finance minister, refers to monetary and exchange rate policies designed to lower the value of one’s currency.

In late 2010 many countries had policies in place that would, all else equal, put downward pressure on their own currencies. Such policies, which could improve economic growth in one’s country at the expense of growth in other countries, these policies used to be called beggar-thy-neighbour monetary policies....