It has been argued that Greece, which effectively has a fixed exchange rate with the rest of
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It has been argued that Greece, which effectively has a fixed exchange rate with the rest of the EMU, would have done better after the 2008–2009 recession if it were not part of the EMU and instead had a flexible exchange rate. Does this argument make sense? Why or why not? Discuss, with the aid of diagrams.
Exchange RateThe value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...
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