Developing countries have generally favoured adjustable par values as the basis for the world exchange rate system. This has been apparent both in their attitude in negotiations on reform of the international monetary system and in their reactions to the exchange rate developments of recent years. For example, following the move to general floating in March 1973, a group of ministers representing developing countries stated 'that a system of stable exchange rates based on adjustable par values . . . constitutes an essential element of a satisfactory international monetary order'. 1 As a reflection of this view, most developing countries have, in the management of their own exchange rates, maintained a fixed peg against a single intervention currency, though a significant minority have moved to floating exchange rates or have pegged their rates to a basket of currencies.