One-Size-Fits-All Euro May Just Be Starting to Loosen Up: Chart

The European Central Bank’s monetary policy has been plagued by a paradox since the euro was introduced: While the exchange rate was more or less appropriate for the region as a whole, it has proven to be wrong for most of its members most of the time. That’s now changing. According to calculations by Angel Talavera, an economist at Oxford Economics in London, the ECB’s more recent policies are making it a closer fit -- the average spread between countries’ optimal rate and the actual euro level has fallen from $0.25 at the beginning of 2011 to $0.14 at the end of 2015.

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