In 1971 the Bretton Woods System collapsed and the US dollar ceased to be the official reserve currency of the international monetary system. Which of the following best describes the current status of the US dollar.

The US dollar operates at fixed exchange rates relative to the Euro and the Yen.

America allows the dollar s value to float , thus forcing domestic monetary policy to accomodate foreign economies and trade.

America keeps the value of the dollar low to help fight inflation.

America takes advantage of its special position in the world economy to float the dollar and enjoy freedom in setting domestic policy.