He also helped persuade Western nations to finance currency stabilization and cancel much of Poland's debt.

"Germany and Japan will be less likely to cooperate in currency stabilization," he said.

Pressure on exchange rates in late 1989 resulted in calls for currency stabilization on the part of the leading industrialized countries.

G-7 leaders reaffirmed their commitment to economic reform in eastern Europe and backed the reallocation of a US$1,000 million fund for Polish foreign currency stabilization.

Another sign of currency stabilization was the announcement that effective June 1996, the ruble would become fully convertible on a current-account basis.

As economic reforms take shape, foreign support can usefully underwrite specific aspects, like currency stabilization.

The President ordered Hull not to enter into any discussions regarding currency stabilization.

While achieving currency stabilization, the act answered midwestern pressure for more currency, and midwestern dissatisfaction with the concentration of national bank charters in the Northeast.

The agreement called for currency stabilization and international cooperation to end trade imbalances.

However, previous agreements among Asian central banks to cooperate on currency stabilization were ineffective in preventing the recent turmoil.