A New International Monetary System for the Future
The discussions about the reform of the international monetary system dominated internal debates at the IMF during the first part of the seventies. They also consumed great analytical and political efforts at the time, leading nowhere. By 1975, interest in reform was fading and attention was being directed to surviving with the existing state of affairs. Now, close to commemorating 50 years since the creation of the postwar monetary arrangements, interest in reform is coming back, as the IMF is now really becoming a global institution and as experience gained in the last 15 years shows that even imperfect cooperation in the monetary and adjustment fields is clearly more productive than open confrontation.
KeywordsExchange Rate Exchange Rate Change International Liquidity Adjustment Policy External Account
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