of the trading desk. see ecb ( 2017 ), the international role of the euro, july. [ 22 ] and, sometimes, even in co - locations where high - frequency trading firms ’ computers are in the same data centres as exchange servers. [ 23 ] based on euro area portfolio investment abroad, measured in terms of 12 - month moving sums, which peaked in early 2015, suggesting a level of €2 billion per day ( assuming that there are 250 business days ). this compares with $ 1. 2 trillion worth of daily transactions in the eurodollar pair, according to the bis triennial survey of april 2016. [ 24 ] for an earlier discussion, see cœure, b. ( 2013 ), “ currency fluctuations : the limits to benign neglect ”, speech at the luncheon panel : currency wars and the g - 20 ’ s goal of strong, sustainable, and balanced growth, conference on currency wars : economic realities, institutional responses, and the g - 20 agenda, peterson institute for international economics, washington, d. c., 2 april. [ 25 ] see e. g. ecb ( 2016 ), “ exchange rate pass - through into euro area inflation ”, economic bulletin, july. [ 26 ] see also caballero r., fahri, e. and gourinchas, p. o. ( 2015 ), “ global imbalances and currency wars at the zlb ”, nber working paper no. 21670, the national bureau of economic research, who show that in a global liquidity trap expansionary monetary policy around the zero lower bound in one country alleviates the global asset shortage and stimulates the economy in all countries, thereby being a positive - sum remedy in contrast with zero - sum exchange rate devaluations. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

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