Interest in reforming the international monetary and financial system, like recent capital flows to emerging markets, tends to come in waves. It surges with crises and ebbs when calm returns, even temporarily. Interest in reform has thus surged in recent years, stimulated by the succession of crises that began with the European exchange rate mechanism (ERM) crisis of 1992-93 and continued with the “tequila” crisis of 1994-95 and, in the span of less than two years, the Asian, Russian, Long-Term Capital Management (LTCM), and Brazilian crises.