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Lyndon B. Johnson

Abstract

I am glad to meet with you again and to wish you well at this meeting and in your working sessions throughout this year.

International Monetary Fund

Abstract

This paper discusses the central banking, monetary, and banking laws for 17 countries in Europe, an area where many of the techniques that are now universally used in regulating or controlling the supply of money and credit were developed. The complete text of the basic central bank law of each country is given, as well as the by-laws of the central bank where they supplement major provisions of the basic law, and subsidiary legislation where pertinent. General banking laws are in most instances presented in summary form.

International Monetary Fund. Secretary's Department

Abstract

I gather that there was some feeling in outside circles that this year the annual discussion of Fund affairs might be unremarkable. That was never my own view; nor is it the impression with which I am left as these sessions draw to their close. During this last difficult year, much solid progress has been made toward restoring stability in the world monetary system, but there is no cause for complacency. The discussions during the last few days have reflected keen awareness of this fact and have properly laid stress on work still to be done. Some stimulating ideas and suggestions have been advanced, and Governors may be assured that these will be given careful consideration in the Fund.

International Monetary Fund. Secretary's Department

Abstract

… We welcome the attention that the staffs of the World Bank and the Fund have jointly given to the problem of stabilizing the world prices of primary commodities. We share the sentiments expressed by our neighbors concerning the loss of valuable foreign exchange resources that we, in the developing world, suffer from the steady erosion of prices of certain primary commodities. …

International Monetary Fund. Secretary's Department

Abstract

It is not unlikely that I am one of the senior Governors among you, though not necessarily the oldest!

International Monetary Fund. Secretary's Department

Abstract

I should like to begin by congratulating the Managing Director on his excellent opening speech and on the productive work that he and the Executive Directors have performed in recent months, as summarized in the Annual Report for 1968 presently under discussion by this Board of Governors.

International Monetary Fund. Secretary's Department

Abstract

The excellent Annual Reports of both the Bank and the Fund, further commented upon by you, Mr. Chairman, in your illuminating opening address, and by the President of the Bank and the Managing Director of the Fund in their informative statements, are like mirrors in which the events of last year are clearly and vividly reflected. The year under review was a dramatic year, highlighted by the devaluation of the pound on November 18, 1967, by the introduction of a two-price system for gold a few months later, by rising rates of interest domestically and in the international capital markets, and, finally, by a downward development of economic activities in the highly developed countries. Fortunately, some recovery could be noted in the latter part of 1967, when developed countries started to resume their previous rate of growth.

International Monetary Fund. Secretary's Department

Abstract

… Allow me to congratulate Mr. Schweitzer on his well-deserved reappointment as Managing Director of the Fund.