Further dollar depreciation could create a world depression and a crash of financial markets.

But they must not become an argument against a vigorous dollar depreciation.

With the help of the export boom, a result of earlier dollar depreciation, many manufacturers are operating close to full capacity.

And a dollar depreciation, on its own, would do little to curb the nation's dependence on foreign money.

Without new fiscal policies to curb consumption, many economists believe that further dollar depreciation is the only way to get necessary improvements in the trade accounts.

However, the minutes show that most members "expressed concern about continuing dollar depreciation under prevailing circumstances."

As a fiscal strategy, dollar depreciation has much to recommend it.

The premium required to lure capital because fears of dollar depreciation and inflation result in very high real rates would no longer need to be paid.

At best, dollar depreciation is a tactic for buying time.

But $6 billion of the spectacular increase was mostly a paper gain from dollar depreciation.