The real lessons from the Plaza and Louvre accords

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Financial Times 1d ago

The real lessons from the Plaza and Louvre accords - Financial Times

Quick Summary:

Wouldn’t it be remarkable if a country could virtually eliminate its trade deficit simply by coordinating foreign exchange market intervention with like-minded allies? But it is also wrong.

In the event, by 1987 the orderly dollar depreciation had been delivered and by 1989, the trade deficit as a share of GDP had been cut by two-thirds.

In fact, the historical record provides a much different set of lessons that should be relevant to any current discussion or plans for a so-called Mar-a-Lago currency agreement aimed at reducing the US trade deficit.