Until August 1971, industrialized countries around the world maintained a fixed exchange rate of their currencies with the U. S. dollar, which was linked to gold. The gold standardized system was called the Bretton Woods Fixed Exchange Rate System. This system collapsed in 1971, and since then, the dollar has not been linked to gold. Based on your understanding of the international monetary system, complete the following statements: • Aforward exchange rate is the quoted price for a unit of foreign currency to be delivered at a specified date in the future. • The government does not set afloating exchange rate, which means that supply and demand in the market determine the currency’s value. • When American customers import more from Europe than they export to Europe, the euroappreciates relative to the dollar. • Thedevaluation or revaluation of a currency refers to an increase or decrease of the stated par value of a currency whose value is fixed. • Under a floating regime, supply and demand for the currency determine the exchange rate. Currencies under such a regime are called currencies.