Economists Get Storm Warning.

The article discusses the highlights of the conference of the International Economic Association held in Elsinore, Denmark in September 1959. Yale University professor Robert Triffin warned attendees that the world will be facing problems with deflation, devaluation and trade and exchange restrictions, eventually leading to a liquidity crisis. To resolve the crisis, he proposed turning the International Monetary Fund (IMF) into a central bank for central banks. Some economists claimed there was no conflict between price stability and full employment.