Abstract

IMF economists work closely with member countries on a variety of issues. Their unique perspective on country experiences and best practices on global macroeconomic issues are often shared in the form of books on diverse topics such as cross-country comparisons, capacity building, macroeconomic policy, financial integration, and globalization.

THE INTERNATIONAL MONETARY FUND 1966–1971

The System Under Stress

VOLUME II: Documents

Edited by

Margaret Garritsen de Vries

INTERNATIONAL MONETARY FUND

WASHINGTON, D.C.

1976

© 1986 International Monetary Fund

ISBN 0-939934-10-8 (v.II)

ISBN 0-939934-11-6 (set)

De Vries, Margaret Garritsen, 1922–

The International Monetary Fund, 1966–1971: the system under stress. Washington, D.C., International Monetary Fund, 1976.

2 v.

Sequel to The International Monetary Fund, 1945–1965: twenty years of international monetary cooperation, by J. K. Horsefield and others, published by the Fund in 1969.

CONTENTS: v.1, Narrative, by Margaret Garritsen de Vries.—v.2, Documents, edited by Margaret Garritsen de Vries.

1. International Monetary Fund. 2. International finance. 3. International liquidity. 4. Special drawing rights. 5. Foreign exchange. I. Title.

Prefatory Note

This volume comprises documents relating to the history of the International Monetary Fund for the years 1966 through 1971. All the documents cited in Volume I are reproduced here except for publications issued at regular intervals and several documents that relate to the years before 1966 and were therefore reproduced in Volume III of The International Monetary Fund, 1945–1965.

M. G. de V.

Contents

  • PART ONE: The Fund’s Plans for Reserve Creation

  • THE MANAGING DIRECTOR’S PROPOSALS OF 1966

    • (A) Creation of Additional Reserves Through the International Monetary Fund (March 3, 1966)

    • (B) Creation of Additional Reserves Through the International Monetary Fund—Supplementary Notes (March 28, 1966)

  • ILLUSTRATIVE SCHEMES

    • (A) Outline of an Illustrative Reserve Unit Scheme (February 23, 1967).

    • (B) Outline of an Illustrative Scheme for a Special Reserve Facility Based on Drawing Rights in the Fund (February 28, 1967)

  • TENTATIVE OUTLINES

    • (A) An Outline of a Reserve Facility Based on Drawing Rights in the Fund (May 29, 1967)

    • (B) An Outline of a Reserve Facility Based on Reserve Units and Administered by a Fund Affiliate (June 8, 1967)

    • (C) An Outline of a Reserve Facility Based on Drawing Rights in the Fund—Revised (June 8, 1967)

  • PART TWO: Final Outline and Proposed Amendment

  • AGREED OUTLINE

    • Outline of a Facility Based on Special Drawing Rights in the Fund (September 29, 1967)

  • PROPOSED AMENDMENT OF ARTICLES OF AGREEMENT

    • Establishment of a Facility Based on Special Drawing Rights in the International Monetary Fund and Modifications in the Rules and Practices of the Fund (April 1968)

  • PART THREE: Basic Documents

  • ARTICLES OF AGREEMENT

    • Articles of Agreement of the International Monetary Fund (July 28, 1969)

      • Index to Articles of Agreement

  • BY-LAWS AND RULES AND REGULATIONS

    • By-Laws of the International Monetary Fund (March 20, 1972)

    • Rules and Regulations of the International Monetary Fund (March 20, 1972)

  • EXECUTIVE BOARD DECISIONS

    • Selected Decisions of the Executive Board (January 1, 1966–December 31, 1971)

  • PART FOUR: Special Reports

  • STABILIZATION OF PRICES OF PRIMARY PRODUCTS

    • Report of the Executive Directors (June 27, 1969)

    • Scope for Action by the Fund (Part II of a Staff Study)

  • ALLOCATION OF SPECIAL DRAWING RIGHTS

    • A Report to the Board of Governors of the International Monetary Fund Containing the Managing Director’s Proposal on the Allocation of Special Drawing Rights for the First Basic Period (September 12, 1969)

  • INCREASES IN QUOTAS OF MEMBERS—FIFTH GENERAL REVIEW

    • Report of the Executive Directors to the Board of Governors (December 24, 1969)

  • MECHANISM OF EXCHANGE RATE ADJUSTMENT

    • The Role of Exchange Rates in the Adjustment of International Payments (September 1970)

  • FUNCTIONING OF INTERNATIONAL MONETARY SYSTEM

    • International Monetary System (October 1, 1971): Resolution No. 26-9

  • PART FIVE: Publications

  • PUBLICATIONS OF THE FUND, 1966–71

The System Under Stress Volume II: Documents