Is a Global Currency War Still Possible?

William White, along with other economists, gave his answer to this question in the Summer 2019 edition of The International Economy. He concludes that “The world has been in a currency war for about a decade” as important central banks have eased domestic monetary policy either to encourage currency depreciation or to prevent appreciation. Whatever the rhetoric about the objective of policy being solely domestic, the end result has been global monetary stimulus of unprecedented magnitude.