On the other hand, we cannot reject an economic policy instrument as important as the exchange rate and leave exchange rate developments almost exclusively to market forces, as Minister Simon seems to believe. In particular, it seems unacceptable for exchange rates to rise and fall in response to temporary divergences in monetary policy, as the Minister is clearly willing to allow.21 This would amount to an arbitrary concession of windfall profits and the imposition of penalties on the export and import industries. Both monetary policy and intervention policies in the foreign exchange markets of the major industrialized countries must be designed and coordinated to avoid such unnecessary results. Other questions and problems will undoubtedly arise. But at least the machinery has been created that allows for constructive experimentation by forward-looking politicians in a spirit of cooperation. .