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Currency steering is not a panacea

Paul Volcker, former chairman of the U.S. Federal Reserve

WASHINGTON -- The world is not yet embroiled in a currency war, former Federal Reserve Chairman Paul Volcker told The Nikkei in a recent interview. Nevertheless, he said a key lesson of the Plaza Accord -- signed by major economies 30 years ago -- is that countries need to be willing to cooperate to avoid such a conflict.

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