Some Current Issues of Interational Monetary Policy.

This paper addresses some current policy issues relating to international monetary arrangements. There is first a discussion of some questions relating to the International Monetary Fund, including its role as a possible lender of last resort to prevent future international financial contagion. Some arguments relating to Britain?s possible entry into the euro system are also raised, with principal attention to Britain?s transactions with the non-euro countries. Some issues of exchange rate policy, including currency unions, for countries outside the euro area and the United States are also discussed.