The impact of the oil price increases on international monetary reform, including the role of gold, and on the adjustment process is discussed. Events have enhanced the importance of the rules basic to an orderly monetary and trading system, viz. fixed parities, convertibility and timely adjustment. The European snake arrangement could provide a focal point. A stronger dollar has improved the outlook for a balanced albeit distant reform. In this connection the obligations of developed and oil-producing countries are touched upon. Present real and monetary adjustment problems are regarded as soluble. Rampant inflation, however, jeopardizes economic and social stability.