Abstract
The paper begins by reviewing the major international monetary problems facing the world today and how each possible international monetary system would deal with them. Since each possible international monetary system has some major shortcomings, I conclude that the best international monetary system for the world today would necessarily have to be a hybrid system, not too different from the present system, under which nations would agree on some set of soft currency target zones and each nation would intervene in foreign exchange markets, change the rate of growth of their money supply, and agree to international monetary cooperation in different degrees, depending on their different circumstances, so as to minimize the cost of adjustment to international disequilibria.
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