MONEY: Holding Up Somehow

Two new agreements governing international monetary exchange acquired their first patches and plugs last week, but they nonetheless held together. Following the shock of Britain's decision to set the pound afloat and thus allow traders to buy and sell sterling for any price that the market might bring, the Finance Ministers of London's prospective Common Market partners hustled into emergency session in Luxembourg. Struggling down disagreements, they made some decisions that calmed matters.

First, to preserve their own fragile unity, they reaffirmed that the value of Common Market currencies should stay fixed within very narrow margins and fluctuate only slightly in...

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