The writer is former vice-chair of the Federal Reserve and global economic adviser at Pimco
The September 1985 Plaza Accord and the subsequent February 1987 Louvre Accord are justly lauded today as significant successful examples of international economic policy co-operation.
These agreements aimed to engineer an orderly depreciation of a very overvalued dollar and to reduce what had become a massive US trade deficit as well as to turn back the rising protectionist pressures triggered by it. In the event, by 1987 the orderly dollar depreciation had been delivered and by 1989, the trade deficit as a share of GDP had been cut by two-thirds. Plaza-Louvre: Mission Accomplished.
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