Business: The Dollar Crisis: Floating Toward Reform?

MEASURED by the usual signs—the size of the tidal surges of money across national borders, the confusion of tourists caught with currency that no one would take, the tension at the emergency meeting of finance ministers —last week's international monetary crisis was certainly the worst since World War II. Even so, its true gravity could not be gauged by those factors alone. Precipitated by German Economics Minister Karl Schiller in order to get European agreement on new monetary measures, the upheaval at first seemed artificial and contrived. But it quickly became a...