An important feature of the Articles of Agreement of the International Monetary Fund is the power which is conferred upon the Fund to adopt final interpretations of its charter. This power is to be found in Article XVIII:
The Bretton Woods Conference of July 1–22, 1944 was one of the most successful conferences of the twentieth century and a landmark in world economic history. Four decades later, economists, historians, and others still marvel at the vision, determination, and idealism of those who created the International Monetary Fund.
The interpretation of provisions in treaties that include gold units of account, such as the Poincare franc or the Germinal franc,1 continues to be a problem for the courts because of the abrogation on April 1, 1978 of an official international price of gold by the Second Amendment of the Fund’s Articles of Agreement. It has been shown in earlier discussions2 that the solutions adopted by the courts have fallen into one or the other of two categories: application of the market price of gold, or the rejection of it.