Recovery of Japan and Germany. Asymmetric pressures to adjust. Is accused of benefitting wealthy countries. Led to lack of confidence. Perhaps mode of x-rate determination not important, compared to trade openness.
Speculation is problem.
Current Operations of System. IMF continues to flourish as an institution. Lots of new loans, mostly for debt related problems to LDCs. Extended Fund Facility, Structural adjustment facility, enhanced structural adjustment facility, Compensatory and Contingency Financing, Buffer Stock, Systemic Transformation Facility. Exchange rate variations.