Title Page

THE INTERNATIONAL MONETARY FUND 1945-1965

Volume III: Documents

Edited by

J. Keith Horsefield

Copyright

THE INTERNATIONAL MONETARY FUND 1945–1965

Twenty Years of International Monetary Cooperation

VOLUME III: DOCUMENTS

INTERNATIONAL MONETARY FUND

WASHINGTON, D. C.

1969

THE INTERNATIONAL MONETARY FUND, 1945–1965

Twenty Years of International Monetary Cooperation

Vol. I. Chronicle

Vol. II. Analysis

Vol. III. Documents

This history of the first twenty years of the International Monetary Fund, written by past and present members of its staff, attempts to recount objectively what were its origins and what have been its plans and activities.

Volume I contains a chronological account of the evolution of the Fund from the original plans formulated in 1941 to the end of 1965, with a supplementary chapter summarizing subsequent events. Volume II analyzes the Fund’s policies in three major fields and reviews its constitutional development. Volume III reproduces the major documents referred to in the other two volumes, including some not hitherto published.

The three volumes are being made available to the public in the hope that they will enable those interested to understand more of the nature of the Fund’s work, of its problems, and of the techniques which it has devised.

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$9.00 a volume

$25.00 the set of three volumes

(or the equivalent in most other currencies)

PREFATORY NOTE

This volume comprises documents relating to the history of the International Monetary Fund, including some which preceded the drafting of the Articles of Agreement. Among the latter are early versions of the plans for a Clearing Union (the Keynes Plan) and a Stabilization Fund (the White Plan) which have not hitherto been published.

The published documents of the Fund here reproduced include all those which are cited in Volumes I and II of this history, except for publications issued at regular intervals.

J.K.H.

Second printing, February 1972

Third printing, May 1981

Contents

• PART I: BEFORE BRETTON WOODS

• THE KEYNES PLAN

  • (A) Proposals for an International Currency (or Clearing) Union [February 11, 1942]

  • (B) Proposals for an International Clearing Union (April 1943)

• THE WHITE PLAN

  • (A) Preliminary Draft Proposal for a United Nations Stabilization Fund and a Bank for Reconstruction and Development of the United and Associated Nations (April 1942)

  • (B) Preliminary Draft Outline of a Proposal for an International Stabilization Fund of the United and Associated Nations (Revised July 10, 1943)

• THE FRENCH PLAN

  • Suggestions Regarding International Monetary Relations (May 1943)

• THE CANADIAN PLAN

  • Tentative Draft Proposals of Canadian Experts for an International Exchange Union (July 12, 1943)

• PROFESSOR WILLIAMS’ KEY-CURRENCY PLAN

  • (A) Extract from a Paper on “The Adequacy of Existing Currency Mechanisms Under Varying Circumstances” (December 28, 1936)

  • (B) Extract from “Currency Stabilization: The Keynes and White Plans” (July 1943)

• THE JOINT STATEMENT

  • Joint Statement by Experts on the Establishment of an International Monetary Fund (April 1944)

• U.S. COMMENTARY

  • Questions and Answers on the International Monetary Fund (June 10, 1944)

• PART II: BASIC DOCUMENTS

• ARTICLES OF AGREEMENT

  • Articles of Agreement of the International Monetary Fund (July 22, 1944)

• AGREEMENT WITH THE UNITED NATIONS

  • Agreement Between the United Nations and the International Monetary Fund (November 15, 1947)

• SELECTED DECISIONS

  • Selected Decisions of the Executive Directors (As at December 31, 1965)

• BY-LAWS AND RULES AND REGULATIONS

  • By-Laws of the International Monetary Fund (As at December 31, 1965)

  • Rules and Regulations of the International Monetary Fund (As at December 31, 1965)

• PART III: FUND PRONOUNCEMENTS

• USE OF THE FUND’S RESOURCES

  • Circular Letter to All Members (June 7, 1947)

  • Memorandum (June 7, 1947)

• TRANSACTIONS IN GOLD AT PREMIUM PRICES

  • Statement Communicated to All Members (June 18, 1947)

• ADEQUACY OF MONETARY RESERVES

  • The Adequacy of Monetary Reserves (October 1953)

• INTERNATIONAL RESERVES AND LIQUIDITY

  • International Reserves and Liquidity: A Study by the Staff of the International Monetary Fund (September 16, 1958)

• ENLARGEMENT OF FUND RESOURCES THROUGH INCREASES IN QUOTAS

  • Enlargement of Fund Resources Through Increases in Quotas: Report by the Executive Directors to the Board of Governors of the International Monetary Fund (December 1958)

• COMPENSATORY FINANCING: FIRST REPORT

  • Compensatory Financing of Export Fluctuations: A Report by the International Monetary Fund on Compensatory Financing of the Fluctuations in Exports of Primary Exporting Countries (February 1963)

• INCREASES IN QUOTAS: FOURTH QUINQUENNIAL REVIEW

  • Increases in Quotas of Members—Fourth Quinquennial Review: Report of the Executive Directors to the Board of Governors (February 26, 1965)

• PART IV: AFTER 1965

• COMPENSATORY FINANCING: SECOND REPORT

  • Compensatory Financing of Export Fluctuations—Developments in the Fund’s Facility: A Second Report by the International Monetary Fund on Compensatory Financing of the Fluctuations in Exports of Primary Producing Countries (September 1966)

• PROPOSED AMENDMENT OF THE 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: A Report by the Executive Directors to the Board of Governors Proposing Amendment of the Articles of Agreement (April 1968)

• PART V: PUBLICATIONS

• PUBLICATIONS OF THE FUND