And trying to repair weak competitiveness with devaluations might work once, but it's hardly a long-term fix. See Sweden in the 70's and 80's.

I know that it is a common opinion that the 70's and 80's devaluations were bad, but the same time there is no opinion for abandoning the floating currency today. And the strong currency policy of the early 90ies was just a huge failure.

I suspect the 70's and 80's devaluations were really a sympthom of RoW catching up to Sweden. Skipping the carnage and destruction of ww2 is not an advantage that was going to last forever.

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