It can be said that liquidity in the unsecured deposit markets almost completely dried-up in maturities beyond 1-month (although it should be noted that these were not the most liquid ones even in “normal” times). These frictions eventually spilled over to the very short-term money markets (i.e.
Fixed exchange rates accompanied by differing preferences were something the increasingly developing and emancipated financial markets no longer allowed. V The 1970s then witnessed the great contest of monetary strategies -- particularly within Europe, too -- especially once the first oil crisis began to pose major challenges. On the one hand, there was the concept of political money.