Recent international financial crises have brought the issue of reforming the international financial system to the forefront of debates. Is the current international monetary system a sufficient foundation? Or do the recent crises indicate that the current architecture is inadequate?''This issue of The Annals takes stock of both arguments and presents positions held both by leading proponents of reform and to leading proponents of the existing architecture. It reviews the core of the debate:''''''· reform of the exchange rate arrangements''· the role of the International Monetary Fund''+ and the role of the private sector in crisis resolution.''Presenting a wide spectrum of viewpoints and reviewing the lessons learned from recent financial crises, the exchange rate debate is placed in a clear context, making this critical issue more accessible.