Abstract
The U.S. interpretation of the current international monetary regime has been explained by Anthony Solomon (1978), Undersecretary of the Treasury for Monetary Affairs, as follows: The basic philosophy of the new monetary system... is that international moneatry stability cannont be imposed from without, byt must be developed by countries from within, through the applciation of sound underlying economic and financial policies. In line with that concept, our program for assuring a strong and healthy dollar relies on fundamental economic performance, not on market operations to hold or attain a particular exchange rate zone. We do recognize, of course, that markets can become disorderly, subject to hreat undertainty, dominated by psychological factors and speculation. We have made clear that we are fully prepared to intervene in the markets to counter such disorders.
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