“The vigorous implementation of the reform agenda continues, with sustained engagement bringing tangible dividends to the jamaican people. Unemployment is close to a record high, business confidence is high and the economy grew by 1.8% in 2018, supported by mining, construction and agriculture. International reserves are estimated to be comfortable below a more flexible exchange rate. All quantitative performance criteria were met at the end of December 2018 and the structural benchmark to be submitted to Parliament to submit amendments to the Bank of Jamaica Act was finalised in October 2018. However, inflation was 2.4% in December 2018, which triggered a staff consultation as part of the monetary policy consultation clause. Developing countries argue that a smooth monetary system is not an end in itself, but a means to stimulate growth. They have chosen the wrong policy instrument to advance their goal, because unfortunately the monetary system cannot directly promote growth. An automobile cannot directly improve man`s mental or intellectual well-being, although it can transport people to church, concert hall or university. Similarly, a rational monetary system can only lead to a better functioning of the world economy, with more opportunities for trade and aid, thus indirectly promoting growth.30 Nevertheless, it should not be forgotten that opinions about the future system are still very different and fundamental and that even de facto experiments on managed floating are not possible for a long time, without agreement on the agreement between the monetary authorities of the claims and the debt arising therefrom.
As we shall see now, no agreement has been reached on this issue. The initial objective of the negotiations was to achieve a comprehensive and comprehensive reform of the international monetary system. But this attempt was abandoned in January 1974 after the quadrupling of the price of oil, but as we shall see, not mainly because of the quadrupling of the price of oil. It should be replaced by some “transitional provisions”. It took another two years of negotiations to reach a final agreement in Jamaica on these interim agreements, although they consist mainly, but not exclusively, of legalizing international monetary practices developed in the meantime. The secretary`s joke therefore expressed well the feelings of most of the people present under the mangoes. After he left, the American attitude changed….