Word: bretton
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...past few years has led some economists to wonder whether something is wrong with the international exchange-rate system. The current regime of floating rates evolved haphazardly during the 1970s after the collapse of the monetary agreement that the U.S. and its allies worked out in 1944 in Bretton Woods...
...Bretton Woods arrangements called for countries to establish fixed exchange rates for their currencies. Nations could adjust them only under extreme conditions. In addition, foreign governments could theoretically redeem any dollars they held for gold, which thus served as an underpinning for the system. But these arrangements came apart in 1971, when the Nixon Administration, faced with the possibility that other nations could demand more gold than the U.S. had, stopped exchanging the metal for dollars. Without gold as an anchor, exchange rates began to float freely...
Muldoon said the reforms should be drafted by a high-level summit of economists and world leaders, similar to the Bretton Woods conference of the 1940s which set world trade policies, exchange standards and loan policies for decades to come...
Muldoon, the former chairman of the Joint Board of Governors of the International Monetary Fund and World Bank, called Bretton Woods "the most remarkable economic experiment the world had ever seen or has seen since," but added that a new agreement should be tailored to the problems...
...early milestones of that era was the Marshall Plan of 1947, an act of imaginative statesmanship that started the rebuilding of the war-shattered economy of Western Europe into the mighty industrial engine of today. It also constituted formal recognition-fulfilling the promise of the monetary conference at Bretton Woods in 1944-that the U.S. and other economies share an interdependence, which has grown with almost every succeeding year...