March saw analysts from BNP Paribas report that the currency war had ended - governments of emerging economies were increasingly deciding to accept currency appreciation so as to mitigate rising food prices, one of the causes behind civil discontent driving the Arab Spring [REF].
In September 2011 Gideon Rachman warned that continued excessive intervention by nations trying to hold down the value of their currencies could aggravate the risk of protectionism [REF].