Nixon Shock and the Breakdown of Bretton Woods (1971-1973)

1. Bretton Woods conference designs fixed-rate system

   Jul 22, 1944Labels: Bretton Woods, U S

   • IMF Articles

2. IMF Articles of Agreement enter into force

   Dec 27, 1945Labels: IMF Articles, International Monetary

   • IMF Articles

3. Special Drawing Rights created as reserve asset

   Jan 1, 1969Labels: Special Drawing, International Monetary

   • Bank England
   • PMC Paper

4. First SDR allocations begin under IMF plan

   Jan 1, 1970Labels: SDR allocations, IMF distribution

   • Bank England
   • PMC Paper

5. West Germany lets the Deutsche Mark float

   May 6, 1971Labels: Deutsche Mark, West Germany

   • Bundesbank

6. Nixon announces suspension of gold convertibility

   Aug 15, 1971Labels: Nixon Shock, U S

   • Nixon Library
   • GAO EO11615
   • Bundesbank

7. Smithsonian Agreement realigns major currencies

   Dec 18, 1971Labels: Smithsonian Agreement, major currencies

   • Fed History
   • Bundesbank

8. European “snake” narrows intra-European fluctuations

   Apr 24, 1972Labels: European snake, European Economic

   • CVCE Chronology
   • Snake Summary

9. United States devalues dollar again amid speculation

   Feb 12, 1973Labels: U S, gold price

   • Fed History

10. Generalized floating begins for major currencies

    Mar 19, 1973Labels: Generalized floating, major currencies

    • IMF Chronology
    • Bundesbank

11. IMF issues guidance for managing floating rates

    Jun 13, 1974Labels: IMF guidance, floating management

    • IMF Chronology

12. Jamaica meetings agree on “interim reform” package

    Jan 8, 1976Labels: Jamaica meetings, IMF reform

    • IMF Chronology
    • Jamaica Accords

13. Second Amendment takes effect, formalizing new regime

    Apr 1, 1978Labels: Second Amendment, IMF Articles

    • IMF Articles