ABSTRACT
It is essential to complement the nearly worldwide system of cooperation, of which the International Monetary Fund is the center, by some form of special collaboration among certain countries that must involve both a coordination of their policies and mutual financial support. The upshot is that to have an international monetary system that functions adequately, three categories of problems must be resolved: those common to all countries, those peculiar to developing countries, and those peculiar to the financial market countries. For in the absence of a program of financial and economic cooperation for the benefit of the developing countries, it is vain to expect that they can establish equilibrium in their balances of payments and maintain acceptable parities or exchange systems. If the necessity for a real monetary cooperation among the financial market countries could be recognized by the countries or groups of countries concerned, there would be no need for new institutions to make it effective.
