During the 1970s, the European Union, in its quest for monetary union, adopted what came to be referred to as the "Community Snake." This system was a/an
A) adjustable pegged exchange rate system.
B) dual exchange rate system.
C) jointly floating exchange rate system.
D) freely floating exchange rate system.

Question

Quizplus · Accepted Answer

The "Community Snake" was a system where European currencies were allowed to fluctuate within a certain band relative to each other, essentially moving together against the dollar. This makes it a jointly floating exchange rate system.

During the 1970s, the European Union, in Its Quest for Monetary