SUMMARY
The mammoth increase in oil prices has generated correspondingly mammoth balance of payments deficits in the main industrialised countries. This has created serious political problems for Europe, among which, those of a more strictly economic nature require the promptest solution. This work considers the two problems of regulation and control of international liquidity. While very closely linked, the former is mainly characterised by technical aspects, whereas the latter involves more complex considerations on the development of a market economy.JEL: F32, G18, F42