“which was glossed over in chapter 4; now it is time to take a deeper look. As advanced-economy exchange rates began to float in the 1970s, European countries were particularly unhappy with the situation, since not only were exchange rates fluctuating between Europe and the United States, which was bad enough, they were floating between European economies themselves, each of which had its own currency. This was long before the advent of the single currency in Europe, so Germany still had the”