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The term 'currency manipulator' has been used by the United States to describe the monetary practices of nations such as China and Japan and by Germany to describe U.S. monetary policy. This charge transcends monetary regimes and includes both traditional monetary policy and that in the service of industrial or developmental strategies that center on export led growth. While the latter clearly has a negative effect on employment and economic growth in the rest of the world, the increased international mobility of capital, combined with the wide-spread use of flexible exchange rates, has led to the same external effects from the normal conduct of monetary policy. Acknowledging and dealing with these negative external effects will lead to improved and less tension-filled international economic relations than calling nations 'currency manipulators.'. [ABSTRACT FROM AUTHOR]

In Germany the cyclical upturn came to an end during the second half of 2000. Since then there has been no further increase in overall capacity utilization and recently it has even declined slightly. Although in industry incoming orders and output have continued to grow, there is notably less optimism on business prospects. Although economic growth in Germany has lost momentum to a greater extent than expected, the Institutes are sticking to their view that the economy will not experience an extended period of weak economic growth, not to mention a recession. Since the middle of last year the expansion of domestic demand has weakened perceptibly. In the wake of the oil-price shock and the associated loss of purchasing power, private consumption, in particular, has lost momentum. The effects of the weakening of global economic growth can now be expected to strengthen. As a result a marked decline in export growth seems likely, although there is no sign of an absolute contraction. As detailed in the report on the world economy, the signs are that the USA will avoid a recession and that the US economy will recover during the second half of the year.