Note 3-3

3 The Plaza Accord is an agreement stating that the monetary authorities would closely cooperate through concerted foreign exchange interventions to lower the value of the dollar. The Plaza Accord was signed at the Group of Five (G5) Summit held at the Plaza Hotel in New York on 22 September 1985. The Louvre Accord is an agreement stating that the monetary authorities would cooperate to stabilize the exchange rate. The Louvre Accord was signed at the Group of Seven (G7) Summit held at the Louvre Palace, Paris, on 22 February 1987.