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Instead:
The conference opted for a system based
on the free movement of goods with the
American dollar as the international
currency.
the dominant currency of The dollar was
international exchange
linked to gold and
the price of gold
was fixed at $35 an
ounce (28g). In
effect the U.S.
dollar became “as-
good-as-gold” and
in this one act
became the
28g $35 dominant currency
of international
exchange.
Members were required to establish a parity
of their national currencies in terms of gold
(a "peg"), link the dollar to gold at the rate
of $35 per ounce of gold. and to maintain
exchange rates within plus or minus 1% of
parity (a "band") by intervening in their
foreign exchange markets (that is, buying
or selling foreign money).
G20
For decades, the dollar has been the world's
most widely used currency. Many
governments hold a large portion of their
reserves in dollars. Crude oil and many
commodities are priced in dollars.
Business deals around the world are done
in dollars. But the financial crisis has
highlighted how America's economic
problems — and by extension the dollar —
can wreak havoc on nations around the
world.
The world financial crisis, largely a result of
excessive risk-taking and faulty risk
management practices in the financial
markets, has highlighted the immediate
need for comprehensive reforms to the
existing global economic and financial
structure.
The sub-loan crisis in the United States led