But this probably only makes sense if carried out by a small country with strong external trade links and if it is desired that external trade links exercise a disciplinary effect on policy. However, none of these considerations make a stronger exchange rate management in the tripolar world realistic today. II Managing a tripolar world: there is still another facet to this topic.
It is also about the monetary policy of those countries which are not part of one of the three poles but which have to define their relationship to these three poles somehow. As regards the European countries, some of them are reassessing their positions towards the monetary union or are making considerable progress in the convergence process.