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The world today operates under a managed float which was formalized during the 1976 Jamaica Accords. The formation of the European Monetary System and subsequent operationalization of the European Central Bank has eased borrowing pressures from the IMF. There are also other credit facilities that have come up. However, during the gold standard period, the fact that one unit of each currency was fixed, the exchange rates also became fixed (Salvatore, 1996). A country's money supply would fall if a deficit nation loses gold. This subsequently stimulated the amount of goods exported by such countries while also discouraging its imports until the balance of payment deficit is eliminated. The reverse happened for surplus nations.
(b) Why the different economic conditions today would make the reestablishment of a smoothly working gold standard impossible.
Formation of trading blocks like the European Union and operationalization of the European Central Bank among other economic unions has led to reduction of pressure that IMF used to soak in as the only lending agency. Countries can access loan facilities from alternate financial institutions. Exchange rates are also flexible far from what it