ABSTRACT
The succession of international monetary crises during the second half of the 1960's, especially the series beginning with the devaluation of sterling in November 1967, drew widespread attention to the need to reform the international monetary system. This is an area of policy in which certai;n reforms are already in train, but in which satisfactory improvements in the arrangements are likely to be reached only if there is a more general understanding of the problems and a common approach to their solution among the principal countries of the world. Unfortunately, public understanding of the issues in question is not very extensive. It is true that when a serieus crisis arises there is a temporary upsurge of popular interest, but most people seem to have the feeling that the issues are too complex for 'the ordinary man', whereas in fact the basic issues are certainly not beyond the grasp of anyone who takes a serious interest in the principal problems of the day.
