BIHAR- Syndrome of Underdevelopment

September 16, 1972 entirely with reserve currencies. It is only when the international monetary system does away with the national reserve currencies that the option of prompt exchange rate adjustment will be available to all countries and the store of value function of the reserve assets will not fall victim to the fortunes of particular national currencies. The insistence by France that gold, and not the SDRs, should be such a reserve asset is unlikely to be acceptable to a majority of the IMF members. On this point the French are fighting a losing battle.