Major economies should pursue currency agreements to stabilize the US dollar, especially during the COVID-19 crisis, preventing a rapid rise against other currencies that is sure to trigger calls for protectionist measures.

There is historical precedent. In 1985, the US dollar soared. The United States, West Germany, Japan, France and the United Kingdom – the Group of 5 world powers – met at the Plaza Hotel in New York on a Sunday in September, when markets were closed. Four nations agreed to appreciate their currencies to depreciate the US dollar….CLICK for complete article