Reform of the International Monetary System

With Special Reference to the Interests of Developing Countries of the Commonwealth

image of Reform of the International Monetary System



The Exchange Rate Regime and Payments Adjustment

The Bretton Woods objective of stable but adjustable exchange rates sought to provide for adjustments in exchange rates to accommodate countries' domestic needs while avoiding unnecessary fluctuations produced by either aggressive national policy actions or spontaneous excesses of the market. This objective was and remains sound. The still unresolved problem is how to implement it.


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