Secretary Simon

Robert Leeson

Chapter 22 in Ideology and the International Economy, 2003, pp 181-183 from Palgrave Macmillan

Abstract: Abstract Shultz’s influence lived on in the system of sometimes managed floats. The summit meetings between the leading industrial nations at which efforts were occasionally made to influence currency outcomes had their origins in the Group of Five or ‘Shultz’s Library Group’ which first met in the White House in April 1973, immediately after the abandonment of the fixed exchange rate system. Shultz also acted as the American ‘sherpa’ at the November 1975 Rambouillet summit meeting which was part of the process that provided a legal basis for floating exchange rates (Volcker and Gyohten 1992, 126–7, 141; Shultz and Dam 1977a, 12; James 1996, 266–7). The 1976 Jamaica revision of the IMF Articles which legitimised floating was driven by free market sentiments (de Vries 1985b, 761).

Keywords: Exchange Rate; Exchange Rate Regime; Flexible Exchange Rate; Float Exchange Rate; Stable Exchange Rate (search for similar items in EconPapers)
Date: 2003
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DOI: 10.1057/9780230286023_22

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