Abstract

A question which will occur immediately to the lawyer is whether Article XVIII interpretations by the Fund have binding effect on forums in member countries. This is, of course, quite different from the question whether they are binding on member governments. Indeed, there can be no question about that. The question whether they are binding on courts is particularly pertinent in view of the fact that two of the interpretations under Article XVIII, those involving Article VIII, Section 2(b), and Article IX, Section 7, have an impact on the rights or obligations of private persons or corporations. It is not likely that the problem will arise except in relation to interpretations under Article XVIII because under the charter only these are authoritative. However, this does not mean that a forum would ignore the persuasive effect of an interpretation made otherwise than under Article XVIII, if one of them was relevant to some issue before the forum.