The current exchange-rate regime is sometimes described as a system of managed floating exchange rates, but with some blocs of currencies that are tied together.
a. What are the two major blocs of currencies that are tied together?
b. What are the major currencies that float against each other?
c. Given the discussion in this chapter and the previous chapters of Part III, how would you characterize the movements of exchange rates between the U.S. dollar and the other major currencies since the shift to managed floating in the early 1970s?