Under the dominance of flexible exchange rate regimes, the foreign exchange markets became significantly more volatile. In 1980, newly elected U.S. President Ronald Reagan's administration brought about increasing balance of payments deficits and budget deficits. To finance these deficits, the United States offered artificially high real interest rates to attract large inflows of foreign capital. As foreign investors' demand for U.S. dollars grew, the dollar's value appreciated substantially until reaching its peak in February 1985. The U.S. trade deficit grew to $160 billion in 1985 ($341 billion in 2012 dollars) as a result of the dollar's strong appreciation. The G5 met in September 1985 at the Plaza Hotel in New York City and agreed that the dollar should depreciate against the major currencies to resolve the United States' trade deficit and pledged to support this goal with concerted foreign exchange market interventions, in what became known as the Plaza Accord. The U.S. dollar continued to depreciate, but industrialized nations became increasingly concerned that it would decline too heavily and that exchange rate volatility would increase. To address these concerns, the G7 (now G8) held a summit in Paris in 1987, where they agreed to pursue improved exchange rate stability and better coordinate their macroeconomic policies, in what became known as the Louvre Accord. This accord became the provenance of the managed float regime by which central banks jointly intervene to resolve under- and overvaluations in the foreign exchange market to stabilize otherwise freely floating currencies. Exchange rates stabilized following the embrace of managed floating during the 1990s, with a strong U.S. economic performance from 1997 to 2000 during the Dot-com bubble. After the 2000 stock market correction of the Dot-com bubble the country's trade deficit grew, the September 11 attacks increased political uncertainties, and the dollar began to depreciate in 2001.