Abstract
The objectives of the European Fund for Monetary Cooperation include concrete aims to be realised immediately within the framework of the existing structure on the one hand, and longer-term ideals to be achieved through a scheme involving institutional innovators on the other. In the former case the main problems to be solved concern cooperation in the field of exchange rates, whereas in the latter they tend rather to concern monetary policy cooperation. The present paper discusses a number of propositions aimed at solving exchange rate problems within the context of the present institutional structure, without, however, overlooking the possibility of proceeding to broader and closer forms of monetary cooperation.
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