ABSTRACT
The topic of the chapter is a stimulating one. It is not about the choice of an exchange rate regime, an issue on which John Williamson remains intentionally vague: what he proposes would apply to a variety of exchange rate regimes, ranging from currency board arrangements to a managed float, only excluding the free float. Rather, he addresses a different issue: the choice of a unit of account for the exchange rate target which is common to all these regimes.
