Behaving in that way leads to a lack of competitive pressures for domestic industry. It leads to an explosion in wage costs. If you can devalue yourself out of any situation, you never have to adapt, especially when you are a small export-dependent nation. The result is stagnating incomes.

Floating exchange rate, independent central bank, central bank mandate including both inflation targeting and financial stability, and fiscal stimulus when you hit the zero lower bound, seems like a completely sufficient policy outfit.

Peak oil is not an energy crisis. It is a liquid fuel crisis.