The countries of Eastern Europe need to raise considerable finance not only in order to improve their balances of payments but also to adjust the structure of their economies over the long term to changed internal and external conditions. The adjustment measures require capital, but the Eastern...

Is the International Monetary Fund (IMF) the mainstay of the international monetary system? Or is it an insignificant sideshow? Might its actions, or its very existence, even be harmful? The fortieth anniversary of the Bretton Woods Agreement, which was signed by 44 states on 22 July 1944,...

The mounting balance of payments difficulties of most developing countries raise the question whether they are not aggravated by an international monetary system which is tailored to the requirements of industrialized countries and how the existing system could possibly be adapted to the needs...

The adjustment crisis of the oil-importing developing countries has raised the question as to the specific roles of the IMF and the World Bank in the process of structural adjustment and the actual relationship between their different concepts and programmes. What are the areas of cooperation...

The 1970s saw the recurrence of major turmoil in the international monetary scene in which Japan played no small part. Japan’s response to past monetary upheavals has always been passive and there were occasions when its passivity and delayed response so undermined the working of the monetary...