Final Word from Tuesday, April 25, 2017

Like good team players, Miroslav Singer and Jiří Rusnok read from the same playbook when speaking about the devaluation. Singer told Týden that it looks so far like a "model exit," which was clear praise for Rusnok and his team. Rusnok, in turn, told Respekt that the CR is growing faster than the eurozone, which was backhanded praise for what Singer and his colleagues did in Nov. 2013. Yet in defending his own Bank Board's decision to allow the crown to fluctuate widely if the market so dictates, Rusnok is casting doubt on the very premise of the currency intervention. He told Respekt that a one-crown movement of the currency in one direction or the other would not have a fundamental impact on the economy. Need we remind him that it was a one-crown depreciation on Nov. 7, 2013, that supposedly helped save the economy from a deflationary spiral? Why is the CNB governor now almost begging for comparable movement in the other direction? [Czech Republic Czech National Bank fluctuation]

Glossary of difficult words

playbook - the script of a play; a book containing a sports team's strategies and plays, esp. in American football;

backhanded - having a meaning that is expressed indirectly or ambiguously.

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