I've received a request to update my irregular series of graphs of movements in oil prices in currencies other than the USD. There's been a certain amount of movement in the oil and forex markets over the past few months, so I'm happy to oblige:
The CAD and the euro have appreciated by about 20% with respect to the USD and the yen since February. And inflation is below target in both Canada and the euro area. So it may not be a coincidence that Willem Buiter's recommendation to the ECB looks a lot like my recommendation to the Bank of Canada.