1In July 1972, the International Monetary Fund set up a special committee to study the reform of the international monetary system, which was composed of 1 1 major industrial countries and nine developing countries. 1in June, 1974, the Committee put forward the Outline of the Reform of the International Monetary System, and put forward some principled suggestions on gold, exchange rate, reserve assets and international land income adjustment, which laid the foundation for future monetary reform. 1976 1 held a meeting in Kingston, Jamaica, to discuss the terms of the agreement of the International Monetary Fund. After a heated debate, the Jamaica Accord was signed. The main contents of Jamaica agreement are: increasing the fund share of IMF member countries; Member States can temporarily decide their own exchange rate system; Cancel the official price of gold and let SDR gradually replace gold as the main reserve asset; Expand financing for developing countries. The main characteristics of Jamaica's system are: the floating exchange rate system is widely implemented, which gives governments an important means to solve the imbalance of international payments, that is, exchange rate changes; Different countries adopt different floating forms, the euro is essentially a joint floating, the yen is a separate floating, and many countries are pegged to floating, which makes the international monetary system complicated and difficult to control; The central bank implements the exchange rate intervention system; The role of SDR as an international reserve qualification production and accounting unit has been greatly strengthened; The dollar is still an important international reserve asset, while the role of gold as a reserve asset has been greatly reduced, and the currencies of various countries have basically decoupled from gold. If the international financial crisis is accidental and partial under the Bretton Woods system, then the international financial crisis has become frequent, comprehensive and far-reaching under the Jamaican system. 1973 after the floating exchange rate was generally implemented, currency exchange rate fluctuations and gold price fluctuations often occurred in the western foreign exchange market, and minor crises continued and major crises occurred from time to time. The exchange rate of 1978 10 against other major western currencies fell to the lowest point in history, causing turmoil in the entire western monetary and financial markets. This is the famous western currency crisis 1977- 1978. Due to the disintegration of the gold standard and the gold exchange standard, the types and quantities of credit currencies have greatly increased. Credit currency accounts for more than 90% of western currency in circulation, and there are many kinds of checks, payment vouchers, credit cards, etc. In some countries, cash accounts for only a few percent of the currency. The growth of money supply and deposits is much higher than that of industrial production, and the development of national economy is increasingly dependent on credit. In a word, the existing international monetary system is generally regarded as a transitional and imperfect system, which needs thorough reform.