Twenty-ninth Activity Report of the Monetary Committee.

Abstract

The realignment which occurred in the very first days of 1987 revealed that theEuropean Monetary System had not been backed up by an adequate level of coop-eration among the participating countries, given the rapidly growing mobility ofcapital. That realignment now seems, in retrospect, to form a watershed and sub-sequent developments have raised cooperation in the formulation and execution ofmany aspects of policy to a qualitatively new level which has done much to ensurethat, in spite of a very disturbed international environment, no further realignmenthas been necessary over the last 18 mon