Johnson, Simon.
In the early 1930s, much of Western Europe faced a situation very much like today — if countries wanted to keep their existing fixed exchange rates (a constant value for their currency), they needed to engage in considerable austerity. Governments held long and hard to the notion that to change the exchange rate — devaluing against gold in the 1930s case — would be akin to ending civilization.
Πηγή: The New York Times