She also introduced a floating exchange rate regime and lifted controls on currency trading.

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However, in 1971 under President Richard Nixon, the Bretton Woods system collapsed and the major currencies shifted to a floating exchange rate regime.

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"We have had a tough year, but through stringent fiscal policy, the new floating exchange rate regime, and extensive structural reforms, we have come out of intensive care unit, " Mr Dervis said.

BBC: 'Worst over' for Turkey

IR You rightly point out (Economics focus, January 29th) that the combination of a floating exchange-rate regime with a monetary framework based on explicit inflation targeting is becoming popular in emerging economies (as well as in industrial countries, you may also add).

ECONOMIST: Letters

The paradox is that part of the euro's purpose is to re-empower the European electorate by equipping the EU with a currency strong enough to challenge the rule of the tiny group of foreign-exchange dealers who, in a floating exchange-rate regime, can settle the fate of national economic policies.

BBC: Referendum St