Thus a period of relatively high inflation ensued in the 1960s and 1970s, culminating in double digit inflation in the US and Western Europe in the late 1970s, spiked by severe oil shocks of the 1970s. Thus, after this long tumultuous period of fluctuating inflation during the 1960s and 1970s, aggressive disinflationary policies of the early 1980s brought international inflation down to tolerable levels.
It was a direct and important response to the lack of trust the foreign exchange industry had been suffering on the back of a number of instances of misconduct in the market and the associated multi-billion dollar fines. This lack of trust was evident both between participants in the market and, at least as importantly, between the public and the market.