chapter  15
12 Pages

The Triad and the Unholy Trinity: Problems of International Monetary Cooperation


The organisation of this chapter is as follows. Following a brief evaluation in Part 1 of the basic case for monetary cooperation, Part 2 reviews the experience of the G-7 countries since 1985 noting, in particular, a distinctly cyclical pattern in the Triad’s collective commitment to policy coordination. Reasons for the episodic quality of monetary cooperation with emphasis on the central role of the Unholy Trinity are explored in Part 3, and the question of what might be done about the resulting inconstancy of policy commitments is addressed in Part 4….