Business, Legal & Accounting Glossary
The February 1987 agreement at Paris among the G-5 nations (France, Germany, Japan, United Kingdom, and United States) to stop the continuing fall in the dollar’s value, which they had engineered with the Plaza Accord of September 1985 at New York’s Plaza Hotel. They feared that if the dollar was allowed to fall further the U.S. interest rate would rise further and trigger a recession. Despite their commitment, the dollar fell further and started a huge stock market slide.
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This glossary post was last updated: 20th November, 2021 | 0 Views.