Speculative currency pressures, the Smithsonian Agreement, and realignments (1971–1973)

1. Germany lets the Deutsche Mark float

   May 6, 1971Labels: Deutsche Mark, Bundesbank

   • Bundesbank

2. U.S. suspends dollar–gold convertibility

   Aug 15, 1971Labels: Richard Nixon, United States

   • US Historian
   • Fed History

3. Major currencies begin emergency floating

   Aug 16, 1971Labels: Major currencies, central banks

   • Fed History
   • Bundesbank

4. Group of Ten signs the Smithsonian Agreement

   Dec 18, 1971Labels: Group of, Smithsonian Agreement

   • Fed History
   • US Historian

5. Japan revalues the yen under Smithsonian terms

   Dec 19, 1971Labels: Japan, Yen

   • CIA FOIA
   • Fed History

6. U.S. law raises the official gold price

   Mar 31, 1972Labels: United States, gold price

   • FRASER
   • Fed History

7. Europe launches the “snake in the tunnel”

   Apr 24, 1972Labels: European Economic, snake in

   • IMF
   • EU Factsheet

8. United Kingdom lets sterling float

   Jun 23, 1972Labels: United Kingdom, Sterling

   • Hansard
   • CIA FOIA

9. Speculation intensifies as Smithsonian bands strain

   Jul 1, 1972Labels: Speculators, central banks

   • Fed History
   • IMF 1973

10. U.S. devalues the dollar a second time

    Feb 12, 1973Labels: United States, dollar

    • Fed History
    • US Historian

11. European currencies shift to a joint float

    Mar 12, 1973Labels: European Community, joint float

    • US Historian
    • CVCE

12. Bretton Woods fixed-rate system effectively ends

    Mar 19, 1973Labels: Bretton Woods, major currencies

    • Bundesbank
    • Fed History