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Q.

Fixed exchange rate is fixed by the ____.

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Detailed Solution

Governments set fixed exchange rates, and they step in to stop changes to those rates. Despite years of steady and rapid progress, not everything in the post-war world was perfect. The US's finances and ability to compete were negatively impacted starting in the 1960s by the escalating costs of its foreign involvement. The US dollar no longer commanded confidence as the world's primary currency. It was unable to keep up with gold in terms of value. Eventually, this resulted in the system of fixed exchange rates collapsing and a system of floating exchange rates being implemented (not interfered with by governments).

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