ABSTRACT
The subject of international monetary reform has been attracting increasing attention in recent years. This conference provides a good opportunity to take stock of the state of thinking on this important issue. My remarks are in three parts. First, I discuss some of the reasons why there is dissatisfaction with the way in which the international monetary system (IMS) is functioning. This illustrates the basic motivation for seeking reforms to present arrangements. Second, I consider certain alternative proposals to introduce more fixity into exchange-rate relationships. Lastly, I deal with the way in which more systematic policy coordination can be used to improve the efficiency of the IMS within the framework of present arrangements. My conclusion is that the most feasible way of strengthening the working of the IMS is through incremental improvements to present arrangements rather than by attempting to design a new system with different rules.
