THE GOVERNMENTS of forty-nine countries have now accepted the Articles of Agreement of the International Monetary Fund. They have accepted the Agreement “on their own behalf and in respect of all their colonies, overseas territories, all territories under their protection, suzerainty, or authority and all territories in respect of which they exercise a mandate.”1 On signing the Agreement, each government declares that “it has accepted this Agreement in accordance with its law and has taken all steps necessary to enable it to carry out all of its obligations under this Agreement.”2