Volcker Commission Plans Flexible Bands To Keep Global Exchange Rates In Line

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Former Federal Reserve Board chairman Paul Volcker is expected to introduce a proposal this summer to move the G-7 countries to a flexible exchange rate system. While proponents say the plan would eliminate costly currency speculation and could lead to stable markets, others say the recent collapse of the European Exchange Rate Mechanism (ERM) weighs heavily against such a proposal.

In a yet-unreleased draft of the plan, revealed in a recent report in the Wall Street Journal, the Washington

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