The Greatest Monetary Agreement in History

Robert Z. Aliber
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Robert Z. Aliber: University of Chicago

Chapter 3 in The New International Money Game, 2002, pp 39-59 from Palgrave Macmillan

Abstract: Abstract The Smithsonian Institution in Washington, DC is the repository for America’s artifacts. Lindbergh’s Spirit of St Louis hangs from the rafters. The Hope Diamond is there. So are George Washington’s uniforms and the largest blue whale ever caught. In December 1971 the US Secretary of the Treasury met with the finance ministers of Great Britain, Canada, Japan, Germany, and a few other industrial countries at the Smithsonian and agreed to a new set of foreign exchange values for the various European currencies and the Japanese yen in terms of the US dollar. President Nixon called the Smithsonian Agreement ‘The Greatest Monetary Agreement In History.’ The remarkable accomplishment of the agreement was that more exchange rates were simultaneously realigned in a multinational framework than ever before.

Keywords: Central Bank; International Money; European Currency; Bretton Wood System; Dollar Price (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50097-6_3

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DOI: 10.1057/9780230500976_3

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