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【正文】 o trade wars. D. Bretton Woods Conference called in order to avoid future protectionist and destructive economic policies 18 A BRIEF HISTORY V. The Bretton Woods System (19461971) 1. .$ was key currency。 2. Exchange rate turmoil resulted。 2. Plaza Agreement (1985) G5 agree to depress US$ further. 25 A BRIEF HISTORY 3. Louvre Agreement (1987) G7 agree to support the falling US$. F. Recent History (1988Present) 1. 1988 US$ stabilized 2. Post1991 Confidence resulted in stronger dollar 3. 19931995 Dollar value falls 26 PART III. THE EUROPEAN MONETARY SYSTEM I. INTRODUCTION A. The European Moary System (EMS) 1. A targetzone method (1979) 2. Close macroeconomic policy coordination required. 27 THE EUROPEAN MONETARY SYSTEM B. EMS Objective: to provide exchange rate stability to all members by holding exchange rates within specified limits. 28 THE EUROPEAN MONETARY SYSTEM C. European Currency Unit (ECU) a “cocktail” of European currencies with specified weights as the unit of account. 29 THE EUROPEAN MONETARY SYSTEM 1. Exchange rate mechanism (ERM) each member determines mutually agreed upon central cross rate for its currency. 30 THE EUROPEAN MONETARY SYSTEM 2. Member Pledge: to keep within 15% margin above or below the central rate. 31 THE EUROPEAN MONETARY SYSTEM D. EMS ups and downs 1. Foreign exchange
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