Which of the Following Is an Argument of Opponents of Devaluations

Multiple Choice

Which of the following is an argument of opponents of devaluations?

A) Devaluations cause relatively slow adjustments.
B) Participants in foreign exchange markets have a short memory: if the expected devaluation doesn't occur within a short time-period, they will stop expecting it.
C) A devaluation causes a nation with fixed exchange rates to lose credibility in the medium run, driving its interest rate higher.
D) all of the above
E) none of the above