As I recall De Cecco's point (also made in various careful historical studies of the gold standard by Arthur Bloomfield) was that the gold standard depended on constant discretionary intervention by Central Banks to make it work. The idea that there was ever a self-regulating exchange rate system is therefore a myth. Trevor Evans Paul Lincke Ufer 44 10999 Berlin Tel. & fax: +49 30 612 3951 Email: [EMAIL PROTECTED]
