By 1971, with the United States running a large current account deficit, it could no longer hold its commitment to gold and the US dollar was effectively devalued against gold and against other major currencies.
*  *  *  Ladies and gentlemen, the Vice-President and I are here to report on the outcome of today’s meeting of the Governing Council of the ECB. The Governing Council conducted its regular examination of the outlook for price developments and the risks to price stability in the euro area.