Who caused the "currency wars"?

Who is to blame for this situation getting so out of control, and what is likely to happen next?  The issue is usually framed in terms of whether some countries are "cheating" by holding their exchange rates at an undervalued rate, thus boosting their exports and limiting imports relative to what would happen if their central banks floated the local currency freely.

The main culprit in this conventional view is China, although the International Monetary Fund is a close second.  But, considered more broadly, the seriousness of today's situation is primarily due to Europe's refusal to reform global economic governance, compounded by years of political mismanagement and self-deception in the United States.