devaluation of American currency

This concept in 1972, launched the European Exchange Rate Mechanism is called, which was replaced in 1979 by the European Monetary System (EMS).

Specifically, it was the "Basel Agreement" of April 10, 1972 agreement to establish a multilateral intervention system between the national currencies of the then six EC member states (the accession of Britain, Ireland and Denmark in January 1973). The origins of snake present bilateral system of intervention against the U.S. dollar gift. The agreement between the central banks of member states of feeling, the fluctuation of currencies to reduce related. Intervention against the U.S. dollar was in February 1973, following a massive devaluation of American currency in relation to the price of gold, but was held in mutual (multilateral now) intervention system based on a fixed but adjustable exchange rates. After its intervention rates from each affiliated banks react properly (buying the currency with other central banks on credit, even sell).