Abstract

The seminar on the future of the SDR that was held in March 1996 arose out of a longstanding discourse on the role of the SDR in the modern world. As Robert Solomon recounts in Chapter 3, the SDR was created in 1969 as a means of satisfying the world’s growing demand for international reserve assets. After considerable effort to reach agreement on the criterion that should govern the allocation of SDRs, the framers of the enabling amendment of the Fund’s Articles of Agreement devised what appears to be a carefully balanced general rule:

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