Last updated: Feb. 12, 11:00 | Page 8 of 8 |
The postwar Swiss economy was largely driven by high-value exports like precision tools and watches. This worked well in the Bretton Woods system of fixed exchange rates that defined much of the postwar era. But when U.S. President Richard Nixon suspended the conversion of dollars into gold in 1971, currencies gradually began to “float” against one another. The dollar went into a steep decline.
By Bloomberg
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With the world in fresh crisis, bold action is again needed from the IMF and World Bank
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Last updated: Feb. 12, 11:00 | Page 8 of 8 |