Speaking at a press conference following the European
... devalue the peg, the U.S. ultimately abandoned it. Without an anchor to gold, the U.S. dollar's exchange rate was free to float on the open market -- and, conversely, world currencies were left to float as well. ...
... devalue the peg, the U.S. ultimately abandoned it. Without an anchor to gold, the U.S. dollar's exchange rate was free to float on the open market -- and, conversely, world currencies were left to float as well. ...
International status and usage of the euro
The international status and usage of the euro has grown since its launch in 1999. When the euro formally replaced 12 currencies on 1 January 2002, it inherited their use in territories such as Montenegro and replaced minor currencies tied to the pre-euro currencies, such as in Monaco. Four small states have been given a formal right to use the euro, and to mint their own coins, but all other usage has been unofficial outside the eurozone (the EU states who have adopted the euro). With or without an agreement these countries, unlike those in the eurozone, do not participate in the European Central Bank or the Euro Group.Its international usage has also grown as a trading currency, acting as an economic or political alternative to using the United States dollar. Its increasing usage in this sense has led to its becoming the only significant challenger to the US dollar as the world's main reserve currency.