Co-operative Monetary Action: A Few Suggestions for the Developing Countries

The major reforms which the developing countries as a whole, including the oil-exporting countries, have sought in the international monetary system are: (1) to re-establish a system of stable exchange rates; (2) to "internationalise" reserve creation; and (3) to link the resource transfer involved in reserve creation to development. Let us see what, if any, success the developing countries have achieved in these areas.