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	Accord - Wikipedia, the free encyclopedia
		Accord, New York, a hamlet in Ulster County, seat of the Town of Rochester
		Geneva Accord (2003), an extra-governmental peace proposal in the Israeli-Palestinian conflict
		Waziristan accord (2006) between the government of Pakistan and tribals resident in the Waziristan area
	en.wikipedia.org /wiki/Accord (182 words)

	Learn French in France - French language schools - Courses in France /Paris all the year
		A school open all year round to students as well as to professionals, to French and foreigners alike Accord french language school is accredited by CSN in northern european countries as well as Bildungsurlaub in several German regions.
		Accord French Language School is registered as a Private Institute of Higher Education (Academy of Paris N° 588) and operates under an agreement with the Universities of Paris V, Paris VII, and Paris VIII.
		Accord French Language School is also in contact with many travel agencies specialised in linguistic stays.
	www.accord-langues.com (370 words)

	Plaza Accord (Site not responding. Last check: 2007-11-05)
		The Plaza Accord was an agreement signed on September 22, 1985 by the then G-5 nations (France, West Germany, Japan, the United States and the United Kingdom).
		The Louvre Accord was signed in 1987 to stop the continued decline of the US Dollar.
		The Plaza Accord was signed in the Plaza Hotel, in the city of New York.
	plaza-accord.iqnaut.net (294 words)

	Wanniski.com (Site not responding. Last check: 2007-11-05)
		The “accord,” at Volcker’s initiative, was meant to get the United States, Germany, and Japan to manage their currencies in a way that kept them roughly stable.
		The markets loved the Louvre Accord because it seemed to mean the governments were getting more serious about stabilizing the major currencies, thereby cutting out the steepening financial costs in exchange-rate transactions.
		In essence, the Louvre Accord was the equivalent of indexing capital gains in the United States and other countries that joined in.
	www.wanniski.com /PrintPage.asp?TextID=1985 (2761 words)

	SVB Asset Management - Investment Strategy Outlook
		However, the Louvre Accord, signed in 1987 to arrest the USD's slide, was notably less successful; since then, major currency market intervention has been minimal and infrequent, with no discernible impact.
		The Plaza Accord succeeded in most aspects, but failed to correct the trade deficit with Japan, which was structural for the most part and not currency-related.
		According to data from the St. Louis Fed, the 1978 law sparked a statistically significant increase in filings to a 7.6 percent annual rate, well ahead of growth in population and GDP.
	www.svb.com /media/iso/iso020606.html (2878 words)

	Finance & Development, September 1999 - The Case Against Benign Neglect of Exchange Rate Stability
		Their agreement was formalized in a multilat-eral framework—the first Louvre accord, signed on February 21-22, 1987—that secretly established a narrow intervention grid for the currencies of the Group of Seven countries.
		By 1993, the Louvre accord was virtually dead, as domestic objectives took priority over internationally agreed targets.
		Furthermore, the commitment to policy coordination promised by the Plaza and Louvre arrangements was unrealistic for political reasons, given the difficulty large, relatively closed economies have in maintaining a constituency for external stability.
	www.imf.org /external/pubs/ft/fandd/1999/09/coeure.htm (2829 words)

	accord - Toseeka Search Results
		I never had a problem with my Accords (except for the reacall on the 98) but that was years ago.
		The Accord has been out a while, so a 2008 redesign for it may be true.
		Accord, New York is the town seat of the Town of Rochester.
	toseeka.com /search.php?q=accord&t0=&...+001+009_keyword_accord (693 words)

	China Resurgent Forum
		The effect of the Plaza Accord was to force the value of the yen “up” by 51% vis-à-vis the dollar in two years to reach 120 yens by 1987.
		The rationale of the Plaza Accord was similar to the Smithsonian Accord.
		By the Plaza Accord signed in Sept. 22, 1985 the Japanese were forced yet again to raise the value of their currency.
	network54.com /Forum/238054/thread/1151452336/last-1151452336/... (13121 words)

	Louvre Accord Still In Effect, Japan Official Says - Nauka Rysunku, Szkoła Rysunku
		Baker said in a U.S. Television interview on Sunday that Washington would reexamine the Louvre accord because of West Germany's increase in short-term interest rates.
		The market at first interpreted this as indicating the U.S. Would be ready to scrap the Louvre accord and let the dollar decline further unless surplus countries, notably West Germany, try harder to stimulate their economies as pledged in the accord, foreign exchange dealers said.
		But the market on reflection also noted Baker's additional statement that "the Louvre agreement is still operative," and this caused some dollar short-covering in Tokyo today, the dealers said.
	www.kursrysunku.pl /other/dmk,0012883.html (654 words)

	The Role of a Central Bank in a Bubble Economy - Part II
		The origin of the bubble economy can be traced to the G-5 Plaza Accord of September, 1985, an agreement designed, among other things, to coordinate economic policy in the major industrialized nations and to counteract protectionist forces.
		In the end, the Plaza process resulted in a decision to decrease Japanese rates, largely because the other G-5 countries were anxious to lower their own rates, and also because the BOJ wanted to counteract the downturn in the Japanese economy that followed the yen's appreciation against the dollar.
		Between 1987 and 1989, the BOJ conducted a lenient monetary policy, partly to comply with its promises in the Plaza and Louvre agreements, partly to offset the deflationary impact of a rising yen (the yen rose against the dollar from 251 at year-end 1984 to 122 at year-end 1987).
	www.gold-eagle.com /editorials/cscb002.html (1859 words)

	Plaza Accord and the Devaluation of the US Dollar
		After the regulatory mechanisms- such as the gold standard, the Bretton Woods Accord and the Smithsonian Agreement - were no longer in place, the currency market was left with only the forces of supply and demand to guide it.
		These conditions led to the Plaza Accord, where on September 22nd 1985, finance ministers and central bank governors from the then G-5 nations- the United States, Japan, West Germany, France and the UK- gathered at the Plaza hotel in New York.
		The Louvre Accord was signed in 1987 to halt the continued decline of the US Dollar and stabilize the currency.
	www.traderslog.com /plaza-accord.htm (568 words)

	Better Way to Handle Asian Currencies \| Cato's Center for Trade Policy Studies
		Worse, after the 1987 accord, the Bank of Japan bought dollars and allowed the monetary base to grow rapidly, creating the bubble economy of the late 1980s.
		A new Plaza-Louvre accord would require a much larger group to reach agreement – the Group of 20 – without any credible enforcement mechanism.
		A negotiated approach to resolving trade imbalances presumes that "experts" know the relevant market-clearing exchange rates and that governments can agree to enforce them – neither of which has proven to be true.
	www.freetrade.org /node/529 (819 words)

	Memo on the Margin: The Crash of 1987; 11-15-00
		It all happened in Paris, so it was called the Louvre Accord.
		Mundell could see the Louvre Accord under attack and advised me to advise Baker to do everything he could to protect the dollar/gold price, including the sale of gold from Fort Knox if necessary.
		He and JBIII dynamited the Louvre Accord and thus signaled the markets that the dollar would remain volatile, putting capital and capital gains at serious risk.
	www.polyconomics.com /searchbase/11-15-00.html (1115 words)

	Bloomberg.com: Bloomberg Columnists
		Memorable moments in the history of the Group of Seven industrialized nations occurred at the Plaza Hotel in 1985, when the participants decided the dollar was too strong, and in the great halls of the Louvre Museum in 1987, when they decided the dollar was weak enough.
		And as for a disorderly decline, there's not much evidence of it reflected in the price investors are willing to pay for insurance, according to Daniel Katzive, a foreign-exchange strategist at UBS Warburg.
		To make his point, Weinberg resuscitated the language from the 1985 Plaza Accord, where the participating finance ministers and central bankers agreed to something -- to implement policy actions so that exchange rates ``better reflect fundamental economic conditions'' -- and agreed to do something to foster it.
	quote.bloomberg.com /apps/news?pid=10000039&refer=columnist_baum&sid=aJq_K7s6kIis (864 words)

	Federal Reserve Bank of Minneapolis -The Region - Sterilized fx (The Region, June 2001) (Site not responding. Last check: 2007-11-05)
		If an exchange rate is to appreciate, according to this fundamentals theory, a corresponding slowing of money growth-relative to other countries—is an essential prerequisite.
		And the empirical evidence from earlier interventions—the Plaza Accord intervention of September 1985, the Louvre Accord of February 1987 and the interventions of May and June 1989—all reveal no connection between fx intervention and an intended outcome.
		It should be noted here that—as in the case of the September 2000 intervention—while both the Federal Reserve and the Treasury Department share responsibility when the United States intervenes in the foreign exchange markets, it usually does so on the Treasury's initiative.
	minneapolisfed.org /pubs/region/01-06/fx.cfm (1547 words)

	The Role of a Central Bank in a Bubble Economy - Part IV
		The Bank was concerned that the economy was overheating, and, according to press accounts, concluded that a hike in interest rates was indicated in order to stave off inflation.
		As part of the Louvre Accord, Japan committed itself to implementing policies to strengthen domestic demand, and the Bank specifically agreed to reduce interest rates to 2.5 percent.
		Not surprisingly, concerns about the Louvre Accord were among the major reasons advanced by opponents of a rise in short term rates at this time.
	www.gold-eagle.com /editorials/cscb004.html (3590 words)

	Article: Should G7 Policy Coordination Be Revived?
		Through direct cooperation in the currency markets, the countries managed an amazingly orderly adjustment of the massive disequilibrium in exchange rates that had developed during the first half of the 1980s.
		When the decline of the dollar threatened to become disruptive, in early 1987, the G7 shifted from Plaza correction to Louvre stabilization to avoid the risk of a "hard landing." Some observers of that arrangement, especially in Japan, have blamed the subsequent asset bubble in that country on the Louvre accord.
		In fact, the currency "reference ranges" adopted at the Louvre were retained for only a few months and could hardly be blamed (or credited) for anything that occurred over the next few years.
	www.iie.com /publications/papers/paper.cfm?ResearchID=275 (1177 words)

	PIMCO Bonds - FF February 2004
		The problem with the Plaza Accord of September 1985 was not the G-7 goal of stronger non-dollar currencies – which was warranted – but the implied commitment that monetary polices would eventually be re-coordinated to stop those currencies from appreciating or, alternatively, the dollar from depreciating.
		Baker’s stack was stacked at the Louvre, when policy makers agreed to declare that enough was enough on desired appreciation in non-dollar currencies and that policies would be coordinated to ensure that enough was enough.
		The next day, the Louvre Accord became history: the Fed eased and the dollar declined sharply for the next two months, as displayed on the graph on cover.
	pimco.com /LeftNav/Featured+Market+Commentary/FF/2004/FF_02_2004.htm (3063 words)

	www.mineweb.net \| sections \| gold & silver Gold-oil link all but dead in 2004 (Site not responding. Last check: 2007-11-05)
		The gold price reaction was muted in the circumstances, rising just $200 from $287 and that run was ultimately killed by a second central bank action — the Louvre Accord negotiations that ran from late 1986 until February 1987.
		Coincident with the Louvre Accord process, the ratio’s old usefulness as a price predictor was more or less undone.
		It is worth noting that the ratio went into a period of literal dormancy by its long-run standards; lasting until September 1998.
	www.mineweb.net /sections/gold_silver/oilgold.htm (801 words)

	[No title]
		Describe the Plaza Accord of 1985 and the Louvre Accord of 1987.
		The strong dollar was also not good for foreign countries because it hindered their attempts to reduce inflation rates.
		Then, in 1987, the members of the Group of Seven (G-7) countries met at the Louvre in Paris (the G-7 includes the G-5 countries plus Canada and Italy.) In the so-called Louvre Accord, they agreed that the dollar should no longer be depreciated.
	daphne.palomar.edu /llee/101Chapter27.doc (8145 words)

	UTLink: Louvre - Statement of the G6 Finance Ministers and Central Bank Governors, Paris, France, February 22, 1987
		UTLink: Louvre - Statement of the G6 Finance Ministers and Central Bank Governors, Paris, France, February 22, 1987
		Statement of the G6 Finance Ministers and Central Bank Governors (Louvre Accord)
		This Information System is provided by the University of Toronto Library and the G8 Research Group at the University of Toronto.
	www.g8.utoronto.ca /finance/fm870222.htm (1525 words)

	accord - OneLook Dictionary Search
		Accord : Online Plain Text English Dictionary [home, info]
		Phrases that include accord: accord and satisfaction, louvre accord, bon accord, in accord, basel accord, more...
		Words similar to accord: pact, accordance, accorded, according, agree, agreement, allot, conformity, consort, grant, harmonize, rapport, treaty, fit in, harmony, unity, more...
	www.onelook.com /?loc=pub&w=accord (302 words)

	Forbes.com: ANALYSIS-Adjusting dollar not so easy for G7 any more (Site not responding. Last check: 2007-11-05)
		When the dollar slid so far it risked inflation in the United States and recession in the export-led West German and Japanese economies, the Group crafted the Louvre Accord in 1987 to halt the fall.
		"If you compare it with the Plaza Accord, you've got a very different situation because there was more universal agreement not only that the dollar was overvalued but that it should come down against everything," said Tony Norfield, head of foreign exchange research at ABN Amro.
		By comparison, Dubai resulted in a timid appeal to "emphasise that more flexibility in exchange rates is desirable" in an attempt to persuade unenthusiastic members and uncooperative non-members to keep their hands out of the foreign exchange market.
	www.forbes.com /business/newswire/2003/10/15/rtr1109680.html (935 words)

	The G7 will let the dollar slide go on - Feb. 6, 2004
		But although many of the G7 ministers would undoubtedly like to see the buck stop falling, it seems unlikely the Louvre boat will be making a call at Boca.
		It even may be a good way to deal with the growing budget deficit on the view that it's easier to pay off dollar-denominated debt when the dollar gets dinged.
		U.S. policymakers are also mindful of what came not long after the Louvre: The stock market crash of 1987.
	money.cnn.com /2004/02/06/markets/bocameet/index.htm (922 words)

	Bloomberg.com: Market Insight (Site not responding. Last check: 2007-11-05)
		The index began a three-year drop in 1985, when G-7 ministers met at the Plaza Hotel in New York and agreed that a weaker dollar was ``desirable.'' The group met at the Louvre in 1987 and decided a further drop ``could damage'' world growth.
		German Chancellor Gerhard Schroeder said in an interview with the Handelsblatt newspaper that swings in the value of the euro are a cause for concern.
		The interview is to be published today, according to an advance summary released yesterday.
	www.bloomberg.com /apps/news?pid=10000177&sid=abFS.0WwxDCg&refer=market_insight (1406 words)

	Current International Monetary System
		In February 1986, the Group of Seven (G5 + Italy and Canada) met at Louvre in France, and announced that dollar reached a level consistent with the underlying economic conditions, and that they would intervene only as needed to insure stability.
		Under the Louvre Accord, nations will intervene on behalf of their currencies as needed.
		Even though the Group of Seven have stayed away from routine exchange rate management, there still are a number of countries that peg their currencies to the dollar.
	www.econ.iastate.edu /classes/econ355/choi/cur.htm (1239 words)

	FRBSF: Economic Letter - Inflation targeting (2/7/97)
		First, by then, erratic behavior in the velocity of the broad aggregates caused by financial innovations made them unreliable.
		Second, the pound sterling steadily appreciated against the German mark around the time of the Plaza Accord in 1985 and the Louvre Accord in 1987; under these accords, the major industrialized countries agreed to lower the value of the dollar and to maintain stability in other key exchange rates.
		Third, partly in reaction to the worsening current accounts situation, they let the exchange rate depreciate, and thereafter sought to stabilize it by shadowing the ERM.
	www.frbsf.org /econrsrch/wklyltr/el97-04.html (1890 words)

	Louvre Accord - Wikipedia, the free encyclopedia
		The Louvre Accord was signed by the then G6 (France, West Germany, Japan, Canada, the United States and the United Kingdom) on February 22, 1987 in Paris, France.
		Italy had been an invited member, but declined to finalize the agreement.
		The goal of the Louvre Accord was to stabilize the international currency markets and halt the continued decline of the US Dollar caused by the Plaza Accord.
	en.wikipedia.org /wiki/Louvre_Accord (107 words)

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