IMF members formalized the existing system of floating exchange rates as the new international monetary system by drafting the so-called ________.

Question

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The Jamaica Agreement, also known as the “Second Amendment to the Articles of Agreement of the International Monetary Fund,” was ratified by IMF members in 1976 to formalize the existing system of floating exchange rates as the new international monetary system. The Bretton Woods Agreement and Smithsonian Agreement were both previous attempts to establish fixed exchange rates. The Plaza Accord, on the other hand, was a 1985 agreement between several major economies to coordinate exchange rate policies.

IMF Members Formalized the Existing System of Floating Exchange Rates