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A speech gave Robert Mundell to a decade, in which it whether asked present international currency preparations add still above a system. `An international monetary system in the strict direction word, which he said that `not momentarily exists. Each country has its own system. ' , it not with words too debate plays 2 whether we have an international currency arrangement or a system. There was a change of regime in the international monetary system as all connections between gold the dollar and global price levels was separated. Since at that time with dollar center international monetary system in not registered water, which stability does not know 77 78 D e m y s t I f y I n g t h e.g. O L D p r I C e of ours FI-duciary money whether it in dollar, into which yen, into which lbs or in any other currency is, for granted is taken.
Which currencies us by results for the dollar to be affected. It is the main person in the system. Until Richard Nixon became the gold window in 1971 closed that international monetary system indirectly also gold by FI xed indirect taxes with the dollar connected, which was fastened to the gold. It was an incomplete system, but it was a system. After the gold window a new monetary system became never was planned closed - it happened. In December 1971 the decimal club of OECD countries met in combines conditions too finds a formula for new currency preparations. US Minister of Finance John Connally presided the meeting, which was held at the Smithsonian institute in Washington. The decimal club exists the eleven of industrial OECD countries that has there, after the Second World War on the economic, currency and FI-nancial conferred and co-operated affairs. (the OECD is the successor to the Mars resounding plan.) `The Smithsonian Agreement reached in 1971 searched, in order to formalise a business as usual passage - except that US any longer connected to agree dollar debts in the gold gold.3 remained however the numeraire in the system and, in order to manufacture a devaluation against other currencies rated the US-FI rst the dollar to $38 ounce and then to $42,11 off, at their price it still its gold evaluates holdings.
Mundells opinion is those, after the Smithsonian agreement was reached: Therefore Die Welt moved on a pure dollar standard, in that the main countries FI xed their currencies to the dollar without a mutual obligation regarding Goldconvertability by the United States. But US money and credit policy were also expansionistic in the following years and, after another unsuccessful devaluation of the dollar, in the system were granted to break into generalized Florida which is in the Früjahr of 1973 oating. Terminated so the dollar standard.4 which followed, the end `of the Smithsonian dollar standard was financed in reality A global FI at the funds mechanism with the economic growth by credit expansion. The large infl ation the seventies-years was a consequence of the fast expansion of the credit note. Mundell FI nds those, as the system subdivided `supplies of money more flexible, more forestalling wage increases and the monopolyistic price calculation of became internationally acted consumer durables. As the price of the oil rose into the seventies-years the eurodollar market, which was extended to the FI nance defi cits the oil importers. Of the euro dollar deposits of $221 in 1971 it `exploded up to $2,35 billion 1982. Infl ation was world-wide and became main difficulty in US. In twenty years from 1952 to 1971 US wholesale prices less than 30% rose. In the 11 years consequences 1971 increased it by 157%. In Italy and in the Great Britain prices more than trebles. Mundell quotes the following table of the consumer price levels for countries G7 between 1950 and 1998:
