I’m pretty sure that this was what the G7 was trying to say in its currency wars statement this week, though by the time individual members had finished briefing on its meaning, it was actually quite hard to tell. As often occurs with collective statements of this sort, it ended up producing more confusion than clarity. Was the G7 praising currency competition or condemning it? It was impossible to know. The message was, I think, supposed to be that it was basically OK, but this somehow got lost in translation.