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

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WORLD MONETARY REFORM Floating All Round (From a Special Correspondent) THE deliberations of the IMF's Committee of Twenty on international monetary reform ended abruptly last week without producing the expected package of reforms to replace the Bretton Woods system which had determined international monetary arrangements till May 1971. That the Committee would not be successful in achieving the ambitious objectives set for it by the governing board of the IMF had become evident well over a year ago. What was not expected was that the Committee would produce a package of mini-reforms blatantly partisan in favour of the developed countries. On most of the important subjects like the exchange rate regime, the role of gold and the SDRs, and convertibility of national currency holdings, the Committee has either proposed halfhearted solutions or altogether evaded the central issue.

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