2. Bretton Woods, Box 2.2, p. 27

• I. & II. - a definition

• III. - free convertibility - a result of I.

• III. (capital controls) & VI. - the means to sustain the system & achieve national macroeconomic autonomy

• V. - a major system feature: macro autonomy

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a drawback - need of capital controls,

an advantage - variability across the countries