For many years, the guardians of the world's currency system have tried to cure the symptoms of its illness. They were not even altogether unsuccessful in their attempts to maintain the system of Bretton Woods. But its shortcomings are still conspicuous. One crisis after another occurs, and the...

As the recent struggles connected with the readjustment of exchange rates within the European Monetary System have shown, the relatively unproblematic "running in" period of the EMS, which was supposed to be a constructive contribution to the creation of a more viable international monetary...