Now available directly from: IIE 11 Dupont Circle, NW Washington, DC 20036 Tel: (202) 328-9000 The wide swings in inflation rates, interest rates, and exchange rates in recent years maybe due at least partly to the failure of national monetary authorities - particularly in the United States, Germany, and Japan - to take adequate account of changes in the international demand for their currencies. More explicit coordination of monetary policies among these countries could provide a better foundation for world economic stability. This monograph makes specific proposals for stabilizing exchange rates while bringing joint money growth in the hard-currency countries under better control.