The Brookings Institution is committed to quality, independence, and impact.
We are supported by a diverse array of funders. In line with our values and policies, each Brookings publication represents the sole views of its author(s).
2025
Research
BPEA | 1983 No. 11983, No. 1
TEN YEARS AGO, in March 1973, the United States and other nations abandoned efforts to maintain the Bretton Woods system of fixed exchange rates among the major currencies. The period of largely marketdetermined (floating) exchange rates between the dollar and other major currencies began. This fundamental change in the international monetary system was ratified by the Rambouillet Summit in 1975 and the Second Amendment of the International Monetary Fund’s Articles of Agreement in 1978.