JOHN WILLIAMSON is a senior fellow at the Institute for International Economics in Washington, D.C. He has held various teaching positions and has served as a consultant to the U.K. Treasury and an adviser to the International Monetary Fund. He has written extensively on international monetary issues, and his publications include The Open Economy and the World Economy; Political Economy and International Money; The Exchange Rate System; and Targets and Indicators: A Blueprint for the International Coordination of Economic Policy (with Marcus H. Miller).