December 13, 1971 (, Xinhai October 26), the President of United States, France issued a joint communique announced that the depreciation of the dollar.

1971 13-14 December, U.S. President Richard Nixon and French President Georges Pompidou, the case in the Atlantic Ocean in the Portuguese Azores talks. Announced in a joint communique issued after the talks, the two sides agreed to the United States, France in cooperation with the other countries concerned, "efforts by the depreciation of the dollar and other currencies to appreciate to quickly re-adjust the exchange rate", as soon as possible to resolve the capitalist one of the measures that must be taken by the international monetary crisis the world's long-term bickering impasse.
since 1934, officially announced the first official U.S. dollar will be devalued. It marked a sharp decline of U.S. imperialism and the political and economic hegemony, marking it as a of this hegemonic symbolic dollar privileged position further bankruptcy and the collapse of the U.S. dollar as the pillar of the international monetary system of capitalism.
on August 15 this year, the U.S. government implemented the crisis passed on to other countries to a "new economic policy", but other capitalist countries do not buy the account of the United States. Western Europe, "the tide of the six countries of the Common Market and the United Kingdom, Japan and other major capitalist countries, require that the depreciation of the dollar, to cancel U.S. import surcharge and the phasing out of the privileged position of the dollar as the reserve currency, and as a re-adjustment of the capitalist world currency the conditions of the system. Four months, around these problems, the United States and its trading partners held a number of large and small meetings, the After many fierce quarrel, never been able to reach an agreement. The U.S. situation has been very isolated. At the same time, the "new economic policy" does not reverse the sharp deterioration of the situation in the U.S. balance of payments deficit. The third quarter of this year, all transactions with a foreign official and private, the U.S. balance of payments deficit as high as $ 9.3 billion, the highest the highest in U.S. history, one billion U.S. dollars more than the first half of the deficit , the equivalent of 1970 full-year deficit more than twice. There are indications that some other capitalist countries is bound to take further countermeasures if the U.S. continues to adhere to its intransigence. As a result, the international balance of payments position of the United States may be worse. In this case, Nixon had said willing to depreciation of the dollar in exchange for the other country's currency appreciation. This indicates that the United States "new economic policy" bankruptcy.
on trade issues, the United States also make use of the "new economic policy" to force the Western European "Common Market countries tide to make unilateral concessions, the abolition of tariff barriers, relaxation of import quotas, to enter the Western European market for American goods open the door. Such acts in the United States have been resolutely resisted Western European countries. France said it does not "knife aligned its throat," the same below the United States to negotiate on trade issues. According to Agence France-Presse reported, the evening of the 12th, accompanied by President Pompidou to attend this meeting, French Foreign Minister Robert Schumann shortly after arriving in the Azores, said, "the six countries of the Common Market surges as trade negotiations with the United States dollar One of the conditions of the problem. 13, 2009, he said: We are the most important conditions: reciprocity should be the basis of mutual benefit, and to make mutual benefit and to become a reality, the ratio reached an agreement must adjust monetary. In this case, the U.S. Secretary of State Rogers also had to admit, mutual benefit and should be achieved through negotiations. Make such concessions in the United States, France, also said to be able to make some concessions.