the balance of payments positions of countries that have excessive surpluses; it should not come at the expense of countries who are in weak payments and reserve positions.

It is therefore a matter of the highest priority for European governments-again, particularly the governments of the EEC countries-to face the full implications of the fact that their balance of payments positions must show a large change from excessive surplus to much more moderate surplus, perhaps even to moderate deficit for a short period. These governments may even be called upon to take forceful actions themselves to make sure that this reduction in their imbalances does occur.

Third, all the member countries of the International Monetary Fund must make a sustained effort to complete the work on legal drafting of the SDR amendments, followed by a speedy adoption and activation of the machinery itself. For reasons already given above, the introduction of SDR into the international monetary system is an absolutely essential part of an integrated effort to deal with the complex of problems facing the system.

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