On the one hand, there is the relationship between the major floating convertible currencies of the industrialised countries, such as the dollar, the euro and the yen, the pound sterling, the Canadian dollar. These currencies have been floating since the collapse of the Bretton Woods system at the beginning of the 1970s.
I should underline the strong view of the International Community that excess volatility and disorderly movements in the exchange rates have adverse implications for economic and financial stability.