In the Report to the Board of Governors by the ad hoc Committee on Reform of the International Monetary System and Related Issues (Committee of Twenty), dated June 14, 1974, to which an Outline of Reform was attached, it was noted that in the conditions that had developed it had been recognized that priority should be given to certain aspects of reform. The Committee regarded it as of the highest importance that immediate steps should be taken to begin an evolutionary process of reform. Part II of the Outline sets out the immediate steps on which the Committee was agreed. Among them was the preparation of draft amendments of the Articles of Agreement of the International Monetary Fund.