ROBERT SOLOMON is a Guest Scholar at the Brookings Institution and President of RS Associates Inc., the publisher of International Economic Letter. With the Federal Reserve Board from 1948 to 1976, he was involved in both its domestic and international activities. He became Advisor to the Board, Director of its Division of International Finance, and Economist of the Federal Open Market Committee, participating in the many international monetary negotiations of the 1960s and early 1970s. Robert Solomon is the author of The International Monetary System, and The Transformation of the World Economy 1980-93.