Today the exchange rates of the major reserve currencies are flexible and the markets are becoming increasingly integrated worldwide. BIS Review 59/1998  -6But I do not believe that the Fund’s age and the changed setting mean that the IMF is superfluous. On the contrary!
In this context I would like to draw your attention to the fact that we in Germany have already notified the Fund of our agreement to an increase in our quota in order to strengthen the financial basis of the Fund’s activities. But, of course, providing money is not enough.