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Nowhere was that more evident than in eastern Europe, where beggar-my-neighbor policies have led countries alternately to try to block the flow or shunt it somewhere else.

If the monetary authorities of the Euro-zone and other depreciating countries were driving their exchange rates down through intervention in the foreign exchange markets, it would be considered overt beggar-my-neighbor behavior.

These continued links in turn led Afghan intelligence to forge links with the Pakistan Taliban in a beggar-my-neighbor approach, further undermining regional trust.

Martin Wolf, writing in the Financial Times, said Germany's 'beggar-my-neighbor policies' were exporting bankruptcy and unemployment and were inconsistent with the euro zone's commitments to the Group of 20 leading economies.