Abstract
Within the uncharted course which has been followed by the international payments system in recent years, the new exchange rate arrangements administered by the International Monetary Fund under the Second Amendment appear to have had a limited effectiveness. Positive action has been taken, however, with respect to the Special Drawing Rights (SDR), and further action is being contemplated. Ten years have now elapsed since the decisions to activate the SDR. The present work takes a distant fresh look at this reserve asset and at its prospects, and presents suggestions for going forward.
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