Although there are still miles to go, the free world last week moved measuredly closer to modernizing its overworked and undercapitalized monetary system. After five years of jockeying, financial negotiators for the first time agreed unanimously to work toward creating something to supplement gold, dollars and British pounds in bankrolling international trade and investment.
The accord emerged in Washington from a threeday, closed-door meeting of the 20 executive directors of the 105-nation International Monetary Fund and deputies of the "Group of Ten" industrial powers.* While U.S. negotiators expressed some doubts and reservations,...
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