Robert Hormats: Very Hard to Do a New Plaza Accord

The transcript discusses the potential for a new Plaza Accord, comparing current market conditions to those before the Swiss National Bank's move with the Swiss peg. It highlights the calmness of asset markets and the need for consensus when markets move adversely for all. The historical context of the original Plaza Accord is provided, noting the U.S.'s role and the fixed versus floating rate debate. The discussion concludes with the challenges of forming a new accord due to the changed global power structure, including China's significant role and the prevalence of floating rates.

In what ways do asset market movements influence the formation of international agreements?

What are the implications of fixed versus floating rates in the context of international accords?