The euphorla felt after the monetary decisions in Washington was Justified. A trade war on the international level had seemed to be in the offing and was avoided. With the Immediate threat thus averted, a lasting solution of all monetary problems however is still not in sight.

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...