After almost four decades of price stability, inflation has recently approached historical highs. Initially driven by global energy and food price increases, the magnitude of the surge in inflation caught central banks and markets by surprise. Price pressures are now increasingly broadening to...

The Washinton Realignment aims at adjusting the distortions of exchange rates which have arisen during the past years. In doing so, new data have been set for the future. These data have been fixed by the industrial countries. The less developed countries (LDCs) are affected thereby without...