In Washington's Sheraton-Park Hotel, 68 member nations of the International Monetary Fund met last week to grapple with what Xenophon Zolotas, governor of the Bank of Greece, wryly termed "numismatic plethora." The inflated phrase aptly described the basic cause of inflation—a common crisis of too much money and too few goods. Not even the Greeks had a word for the cure. Yet all knew that the fund's work in stabilizing currencies by strategic loans was one of the free world's most powerful weapons.
"Uppermost in our minds" were three "haunting questions" posed by Swedish Economist Per Jacobsson, the fund's managing...
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