This peculiar arrangement is a further major risk for economic and monetary union, to add to those of uncoordinated fiscal policies and the lack of a European equivalent of the International Monetary Fund.

The US also encouraged the International Monetary Fund to give Pakistan emergency financial assistance equivalent to 11 billion, to be disbursed starting in late 2008.

The Grievance Committee of the International Monetary Fund, for example the equivalent of the United Nations Joint Appeals Board was chaired by experienced labour management arbitrators.

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Monetary Mystification

Monetary unit

So, instead of becoming the principal reserve asset of the global system, the proportion of SDRs in global reserves shrank to a tiny fraction, rendering the SDR the monetary equivalent of Esperanto.

Fourth, central banks, especially in the US, mistakenly maintained loose monetary policy. With dollar financing by the Federal Reserve available to large institutions, the Fed became the equivalent of a world central bank.

State Housing Act or equivalent.

(equivalent in United States dollars)

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