Système Monétaire International

The évolution of îhe international monetary System prompted the nine members of the

E.E.C. to establish a European Monetary System. The new statutes of the I.M.F. hâve

in fact legalized the practice of flexible exchange rates and sanctioned the dollar's

inconvertibility while eliminating the rôle of gold. Further, the increasing importance

of the international capital markets fosters the unlimited expansion of international

liquidities.

ît is in response to this context then that Europe seeks to create a zone of stability and

to manage its own international tender in accordance with rules that it has set for

itself. The author draws a positive conclusion as the System has operated without

major problems so far. Nevertheless, difficulties remain: the international environment

has not improved given the abrupt strengthening of the dollar and the increase in

American interest rates. In addition, progress with regard to coopération among the

Nine remains slow and political change in France makes any prognosis respecting the

future of the European Monetary System difficult.

It was anticipated that the System would be Consolidated rapidly. It would in that event

contribute more effectively to the stability of the international monetary System. It

could, on the other hand, sharpen compétition between Europe and the United States,

between the Ecu and S.D.Rs. and between the European Monetary Fund and the

International Monetary Fun

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