No other member of the IMF has experienced such a peculiar relationship with the institution as France has had. On the one hand, France, as a major signatory nation of the Bretton Woods Agreement, has been one of the most important members of the IMF, sending several high-ranking officials to the Fund, including Managing Directors. On the other hand, the position of France often has been contrary to the IMF’s views and it has proposed distinctively alternative plans for an international monetary system. France has in fact been a “watchdog” of the Bretton Woods System (Bordo et al. 1994, p. 10).