Still another element of international monetary reform is better management of the global exchange-rate system (or, again, “non-system”), which should aim at avoiding currency “manipulation” – but only after defining precisely what that means. It should also reduce the high levels of exchange-rate volatility – “a tax on international specialization,” as the economist Charles Kindleberger once put it – that we have seen in recent years, including among major currencies.
国际货币改革的另一项要素是更好地管理全球汇率体系（或者说也是“无体系”），此项改革的目标应该是避免货币“操纵”——但必须明确定义什么是操纵。改革还应该降低近几年来出现的剧烈的汇率波动水平——经济学家金德尔伯格（Charles Kindleberger）称之为“国际专业化税”——包括主要货币对在内。