An analysis of the recurring International monetary crises raises the question whether the monetary adjustments alone will be an adequate weapon to deal with them or whether additional none-monetary steps should also be taken.

When the Bretton Woods system collapsed in December 1971 the expectation was that a reformed monetary system could be introduced within a year or two. The following article discusses the question why, contrary to this general expectation, the international instability in payments still exists...

The IMF's Interim Committee recently for the first time discussed the creation of a “Substitution Account” to convert certain amounts of excess reserve currencies into SDRs. This issue is likely to be on the agenda of the next annual meeting of the IMF in the fall of this year. Prof....