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Snake in the Tunnel
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Geliefert zwischen Mo., 22.12.2025 und Di., 23.12.2025
Details
Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. With the failure of the Bretton Woods system with the Nixon shock in 1971, the Smithsonian agreement set bands of ±2.25% for currencies to move relative to their central rate against the US dollar. This provided a tunnel in which European currencies to trade. However, it implied much larger bands in which they could move against each other: for example if currency A started at the bottom of its band it could appreciate by 4.5% against the dollar, while if currency B started at the top of its band it could depreciate by 4.5% against the dollar; if both happened simultaneously then currency A would appreciate by 9% against currency B. This was seen as excessive, and the Basle agreement in 1972 between the six existing EEC members and three about to join established a snake in the tunnel with bilateral margins between their currencies limited to 2.25%, implying a maximum change between any two currencies of 4.5%, and with all the currencies tending to move together against the dollar.[4] This agreement also led to the formal end of the sterling area.
Weitere Informationen
- Allgemeine Informationen
- GTIN 09786130593537
- Editor Lambert M. Surhone, Miriam T. Timpledon, Susan F. Marseken
- Größe H220mm x B220mm
- EAN 9786130593537
- Format Fachbuch
- Titel Snake in the Tunnel
- Herausgeber Betascript Publishing
- Anzahl Seiten 72
- Genre Wirtschaft
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