A te of exchange, and mixed rate of exchange

Between 1980 and 1988 the United States experienced a rapidly growing international trade

deficit. The US became the world’s largest debtor nation. The appreciated dollar of the mid-1980s

Posed special problems for the less developed nations with large external dollar-denominated debts

And for oil-importing nations. The contradictions in the economic policy of the US caused crises

In different regions of the world.

In answer to the instability of the JS and for the integration purposes, the countries of the

European Economic Community established their own monetary system — the European Economic

And Monetary Union on the Euro basis.

Terminological Vocabulary to Text 6.4. Try to memorize it

International payments — международные расчеты

Wealth — богатство

International liquidity — международная ликвидность

Credit and financial obligations — кредитно-финансовые обязательства

Rate of exchange — валютный курс

Currency (exchange) markets — валютные рынки

Gold standard — золотой стандарт

Floating rate — плавающий курс

Gold-value — золотовалютный

Banknotes — банкноты (беспроцентные кредитные билеты, заменяющие бумажные

Деньги)

Freely convertible — свободно конвертируемый

12. bank’s reserves — банковские резервы