Historical Foreign Exchange Timeline

Published on in Currency Guide by

1944 – Establishment of Bretton Woods Accord to help stabilise the global economy after World War II.

1971- Smithsonian Agreement established to allow for greater fluctuation band for the currencies

1972 – European Joint Float established as the European community tried to move away from its dependency on the U.S. dollar

1973- Failure of Smithsonian Agreement and European Joint Float signifying the official switch to a free-floating system

1978 – The European Monetary System was introduced to give other countries access to gain independence from the U.S. dollar

1978- Free-floating system is officially mandated by the IMF

1993- Failure of the European Monetary System giving way to the world-wide free-floating system

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