Before revision:  We argue that in those cases, the Treasury and the central bank can be meaningfully consolidated. After describing the interactions of various autonomous currencies, we argue that fixed exchanged rates can never be maintained , and we discuss the controversial role of the IMF in international financial relations.
After revision:  We argue that in those cases, the Treasury and the central bank are in charge of the total amount of net money. Finally we draw an analogy between systems based on gold convertibility and currency pegs to show that fixed exchange rates can never be maintained , and we discuss the controversial role of the IMF in international financial relations.