ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Wider Band, but No Floating

September 19, 1970 REFORM of the international monetary system has been the subject of active discussion since about 1960. The payments crises in the major countries since 1963 gave a certain urgency to the implementation of the reforms. The proposed reforms related to (a) deliberate creation of international liquidity; (b) improvement of the adjustment mechanism through internal monetary and fiscal policies and through exchange rate policies; (c) demonetisation of gold; and, (d) funding of the existing dollar and sterling balances.

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