The first blow to the Bretton Woods

Statute of the International Monetary Fund changed twice: in 1968-1969. was introduced the first series of amendments. This time Europe groaned, but said nothing.

In 1976-1978. was the second series of amendments. The old Bretton Woods monetary system replaced by a new Jamaican currency system[76].

Europeans Jamaican system did not like, and they began to create their own convertible currency.

Europe already in 1973 established the European Monetary Cooperation Fund (EFVS) — in the framework of the European Monetary System. And from 13 March 1979 launched the European Monetary system in the 8 countries of the "Common Market" (Germany, France, Benelux, Italy, Ireland, Denmark).

Now, the notion of "freely convertible currency"- SLE. Ie money that can be freely exported from anywhere, bring anywhere and in any quantity.

Not every national currency SLE was! Until 1979 there was one free currency: the dollar. Now there are seven: the U.S. dollar, the mark, the French franc, British pound sterling, the Swiss franc, the lira in Italy, the yen in Japan. That's it!

National currencies somehow, but controlled by the state. Freely convertible currency across borders, it makes no sense trying to regulate the economy at the level of nation states.

The appearance of such money is incredibly globalize the economy — now the financial capital lived alone, apart from the industry.

Therefore, it was possible that the production is, and no money.

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