Abstract
What are the immediate effects of the Second Amendment that can be considered changes in the practice of the Fund and its members? This is a frequent question, particularly because one consequence of the Second Amendment is legalization of the exchange arrangements that were already in force when the Second Amendment became effective on April 1, 1978. Some commentators might say that the effect of the Second Amendment was merely to legalize existing exchange practices, but even if this were the sole or leading effect, the obligations associated with legalization should not be ignored. Nor should one ignore the dangers of disorder that are inevitable in the absence of an agreed legal order for international monetary relations.
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