In the first half of 2015 global trade fell in the worst performance since the first half of 2009 at the height of the financial crisis. Further to World Bank research published in August which showed that devaluations were losing their firepower, this week the Financial Times reported that FT research based on more than 100 emerging market economies (EM) countries showed that “any currency war between developing nations is likely to be even more damaging than previously thought, leading to a reduction in global trade and possibly economic growth, rather than just reapportioning a fixed level of trade between “winners” and “losers.”