A New System's Big Test.

The article focuses on the impact of the decline in the value of British pound on the currencies of countries that entered an agreement in December 1971, which devalued the U.S. dollar and set a new exchange rate system. It mentions that the decision by Prime Minister Edward Heath to keep pound temporarily float caused a speculation that Japan and Europe will shut down their markets. It adds that an agreement signed among the European Common Market countries failed to help the pound to recover.