The drift in both policy and exchange rates following the Louvre Accord was not sufficiently pronounced to arouse much disquiet at the political level by the spring of 1987. Thus, on economic policy at Venice, the communiqué endorsed again the concept and
Again, however, the media underestimated the progress in other areas. Venice did endorse and validate a major breakthrough on the need for domestic reform in agriculture (which had been pre-negotiated at the OECD some weeks earlier) as a prerequisite of t
But the absence of advance in Venice on economic policy coordination, compounded by the lack of progress at the IMF/IBRD annual meetings in Washington in September 1987, was followed by Black Monday. The causes of the market crash have already been the su
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