ABSTRACT
When John Richard Hicks delivered the Edward Shann Lecture at Perth in February 1967, he presented a brilliant overview of the history of monetary thinking. At the conclusion of his lecture, John Richard Hicks warned of an unresolved problem hanging over the international monetary system, pointing out that the stability of credit internationally presupposed the continuous application at the global level of the measures applied domestically for monetary control. The problem of how to reconcile globalisation with monetary policies can be approached through a practical reference, given the fact that the situation on a theoretical plane is a consequence. The chapter analyses two aspects. These are: how to reconcile globalisation with existing monetary policies and the variety of the exchange rate regimes and the predominance of floating rates; and how to adapt monetary theory and practice to monetary and financial developments.
