The International Policemen

Abstract

Jacobsson (1959, 30–1) declared to the IMF 1959 annual meeting that ‘In all likelihood world inflation is over.’ He left the 1959 meeting with ‘no reason for pessimism about the outcome of our efforts’. After three years in office he had formed the ‘general impression … that a much greater unanimity had been reached’. Two years later, he declared that ‘We have saved the monetary system for the next generation’ (cited by Jacobsson 1979, 314, 316, 327, 330).