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Bretton Woods constituted the first formal international agreement on a code of conduct applicable for economic transactions among countries that had subscribed to it. This pamphlet focuses on only one aspect of that code of conduct: the norms that have guided the conduct of financial and exchange transactions among countries, as they have been presented in the original Articles of Agreement of the IMF and their subsequent amendments. The paper outlines the fundamental characteristics of the IMF, examines the direct link between surveillance and conditionalilty, explores potential risks and dangers that might compromise certain fundamental features of the institution, and presents a set of ideas and proposals to ensure the activities of the IMF maintain continuity of its institutional uniqueness.

Balance of payments. --- International Monetary Fund. --- Current account balance (International trade) --- International payments, Balance of --- Foreign exchange --- Terms of trade --- Balance of trade --- International liquidity --- Internationaal monetair fonds --- International monetary fund --- Exports and Imports --- Foreign Exchange --- Current Account Adjustment --- Short-term Capital Movements --- International Investment --- Long-term Capital Movements --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- International Lending and Debt Problems --- International economics --- Currency --- Balance of payments need --- Exchange rates --- Capital flows --- Exchange rate policy --- External debt --- Balance of payments --- Capital movements --- Debts, External --- Russian Federation