Word: disequilibrium
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Dates: during 1970-1970
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Directors of the International Monetary Fund were shocked. Canada, they grumbled, was not playing by I.M.F. rules. Those rules require each country to maintain a fixed value for its currency, and allow change only when a nation's finances get into "fundamental disequilibrium," a stage that Canada had not quite reached. Still, what was to be gained by Canada's waiting for an acute crisis to develop-as the British, French and Germans have done in the past-before making long-overdue rate changes? Although the I.M.F. rules are designed to promote stability in world finance, they have...