ABSTRACT
The replacement of gold as the primary international reserve unit, implied by the floating exchange rate system accepted in the second Amendment of Articles, served to alienate the Soviet Bloc even further. Problems within the CMEA also contributed to Hungary's decision to join the International Monetary Fund (IMF), and later the International Bank for Reconstruction and Development (IBRD). Hungarian membership served a purpose for the IMF and IBRD as well since Hungary was a member in good standing of the Soviet Bloc and CMEA, unlike Romania. The Polish crisis had widespread impact not only in Poland but in the rest of the Bloc as well. Poland's creditors were also pressuring that nation to affiliate with the IMF. Poland could gain credibility for its policy actions if these were implemented under the auspices of a Fund stabilization program. The Western European nations, especially Great Britain, also encouraged the renewal of consideration of Poland's request for membership in the Fund.
