ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Credit Policy-Writing on Sand

future issue of SDRs or regulating the issue hereafter of dollars and other potential reserve currencies. So the establishment of the Substitution Account may well be meant as another sop. But in the process one aspect of the present goings on in the monetary arena will have been revealed, namely that anything that suits the rich countries is acceptable, notwithstanding its blatant regressive character. After all, allowing $200 billion to be converted into SDRs would amount to extending multilateral credit to the richest country of the world. The link is there for any but the blind to see. And the other link which the poor countries spoke about has been buried deep.

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