The dollar went up some eighty percent in real terms as I recall now or something like that - from '80 to '85.
More Quotes from Robert C. Solomon:
The dollar is currently the principal reserve currency in the world.Robert C. Solomon
There is a European Central Bank, of course, established and it has the structure similar to the Federal Reserve system, not precisely the same but similar.
Robert C. Solomon
Today we have so much more flow of private capital that most international imbalances are financed that way, by private capital movements.
Robert C. Solomon
Back in those days, in the fifties and sixties, countries had balance of payment's deficits or surpluses, those were reflected much more than today in movements of reserves among countries.
Robert C. Solomon
On private transactions, I'll just go very quickly now, a major difference between the United States and Euroland is that in Europe banks are much more important in financial transactions than in the United States.
Robert C. Solomon
There's a stability and growth pact which was agreed for the eleven countries which tries to limit the size of budget deficits among the eleven countries.
Robert C. Solomon
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