B. K. Madan
THIS YEAR marks the completion of a quarter century of Bretton Woods in the international monetary annals. Recently, nostalgia for that epochal meet seemed to have curiously welled up, in the form of demands for a new Bretton Woods, only to be drowned in a chorus of dissent. The dissent sprang from the still fresh memories alike of the earlier background of that historic event and of what went just before it, for which the present situation holds no parallel. It befits the occasion, however, both to reminisce a little on the highlights of that great Conference and to lean back and reflect on some of the international financial and economic trends as they have shaped during the period that has elapsed since.
Article VIII countries are those that have accepted the obligations of convertibility expressed in Article VIII of the Fund’s Articles of Agreement. Members accepting these obligations undertake to avoid imposing restrictions on payments for current international transactions or engaging in multiple exchange rates or discriminatory currency practices, without obtaining prior approval of the Fund.