A formal model of the appointment process -- Estimating monetary policy preferences -- Empirically testing the model's predictions -- Appointments to the European Central Bank -- The origins of the Federal Reserve appointment process -- Conclusions

Last weeks' dollar crisis which ended with the devaluation of the dollar emphasised once more the need for a reform of the international monetary system. It also brought to the open the necessity to reorganise the EEC monetary relations. The floating of pound and lira seems to support this case.