Written by Mark Smith-HalvorsenThe recent devaluation of the pound can be viewed more as a correction than a rout, according to the Telegraph.According to the paper's assistant editor Jeremy Warner, the visions of crisis dredged up during the 25 per cent fall in the pound may be unnecessarily pessimistic.He explained: "Strong capital inflows during the boom years of the credit bubble kept sterling stronger than it should have been. This made us feel richer when travelling abroad and it artificially depressed inflation, which meant that interest rates could be lower."However, he added that this also severely impinged the UK's industrial competitiveness, a loss that the current run on the pound may eventually redress as international payments on manufacturing orders fall for foreign companies.The strength of the pound is a key issue for both Labour and the Conservatives ahead of the general election this year, alongside other fiscal burdens such as the growing budget deficit.For more information on international payments, visit our Smart FX site