From WSJopinion: Exchange rate instability brings problems for the U.S. and Europe—and serious crises to the developing nations, writes steve_hanke
Journal Editorial Report: The week's best and worst from Kim Strassel, Kyle Peterson and Dan Henninger. Images: CNP/Zuma Press/Shutterstock/ Composite: Mark Kellyin 1998 that the dollar-euro exchange rate would go on to become “the most important price in the world.” Mundell, who was known as the father of the euro, was exactly right. Since the euro was introduced in the following year, the dollar-euro has been, by volume of transactions, far and away the most important currency pair.
The exchange rates of major currencies haven’t always been so volatile. The Bretton Woods Agreement of 1944 ushered in a system of international exchange-rate fixity and stability. A golden age of record-setting performances among the world’s advanced capitalist countries ensued. But that global monetary system was scrapped 29 years later by the unilateral action of the Nixon administration.
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