There is no "tremendous advantage" available to small countries in being able to devalue their currency. A currency devaluation may, in theory, make a country'

There is no "tremendous advantage" available to small countries in being able to devalue their currency. A currency devaluation may, in theory, make a country's exports more competitive but it does so by imposing a real cut on every citizens income. It also makes all imports more expensive leading to inflation so in the end, it cannot not solve the underlying problem. There are no examples of countries becoming wealthier simply by manipulating the value of their currency. Nor does it make me taller if I decide from now on to measure my height in cm instead of inches.