The international monetary system has experienced another crisis. It is clearly too early to know whether the measures adopted in the three countries most directly affected — Germany, France, and the United Kingdom — will be adequate to solve the current problems. But this crisis, which rounded out a year of turmoil following the devaluation of sterling, has led many observers to state that the international monetary system is in need of an overhaul that will prevent the recurrence of such acute difficulties. It may be worthwhile, therefore, to ask whether this latest crisis teaches us any lessons as to the need for international monetary reform.