They did not have the credibility to have independent monetary and currency regimes. By being recognized as a free-floater, we have truly come of age as an independent nation, with an independent currency. As an aside, let me recall that currency futures, which we are discussing this morning, were also made possible by the collapse of the system of fixed exchange rates.
The Chicago Mercantile Exchange launched the first forex future in 1972. Let me make a few comments on our Exchange Rate Policy!