During the last decade, the world has been wracked by numerous large exchange rate swings between the U.S. dollar and the euro, the two largest world currencies. China is now considering breaking its currency link to the dollar and devaluing. This exchange rate instability is bad for business, creating asset bubbles, unstable capital flows, price swings, and general uncertainty that weakens trade and undermines economic growth.
The conference’s purpose, ahead of the IMF spring meeting, is to focus international attention on the need for a more coordinated and stable exchange rate regime among the Big Three currencies.
Our model is the series of summits in the 1980s sponsored by the late-Congressman Jack Kemp, economist Robert Mundell, and Sen. Bill Bradley, which helped pave the way for the Plaza Accord.
The conference will run from 10:30 a.m. to 4:00 p.m. with a reception immediately following from 4:00 p.m. to 5:00 p.m.