Recently the Interim Committee of the International Monetary Fund met in Hamburg without making significant progress on the proposal for a substitution account. One of the main initiatives toward restructuring the international monetary system thus was postponed if not indefinitely suspended....

The test case of "flexible versus fixed rates of exchange" has now been running for four months. Experience in this transitional and incipient phase has shown up a number of faults and impediments which are typical not only of the problems created by contemporary multicentric international...