The three key elements of this policy remained the adoption of a floating exchange rate system, the anchoring of monetary policy to the inflation target and the acceleration of banking sector reforms, he said.

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It is conceivable that we might abandon a floating exchange-rate system, as the BRIC countries, especially China, are not as happy with today's system as many in the West are.

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However, in 1971 under President Richard Nixon, the Bretton Woods system collapsed and the major currencies shifted to a floating exchange rate regime.

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