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.

The attitude of German exporters and importers to currency risks under a system of floating exchange rates has, for the first time, been the subject of an empirical study by the HWWA Institute. The investigation was, in the main, based on a questionnaire sent to 719 enterprises of all sizes...