Abstract
About the International Monetary System, by Benjamin J. Cohen The outlook for the world financial system is clouded by a variety of problems - volatility of floating exchange rates, inefficient management of the multiple-reserve-asset standard, the massive burden of balance-of-payments financing. No doubt it would be excessively pessimistic, not to say alarmist, to predict outright collapse: the system has shown considerable resiliency, after all, in recent years. The potential for improvement exists in our international monetary arrangements, but it is not infinite. The system could be better managed, both efficiency and consistency could be promoted. Why not begin? But nothing can ensure that monetary relations will always remain stable and free of policy conflict. So long as there will be politically sovereign states and formally independent national currencies, there will be international monetary problems.
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