Chapter

Interim Committee of the Board of Governors on the International Monetary System

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
November 1974
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Press Communiqué

October 3, 1974

The Interim Committee of the Board of Governors on the International Monetary System held its inaugural meeting in Washington on October 3, 1974. The meeting was convened by Mr. Henri Konan Bédié, Chairman of the Board of Governors. Mr. John N. Turner, Minister of Finance of Canada, was selected as Chairman of the Committee for a period of two years. Mr. H. Johannes Witteveen, the Managing Director of the International Monetary Fund, participated in the meeting.

The members of the Committee had an exchange of views on the current situation and the prospects for the year ahead as it related to the business of the Committee.

The Committee reviewed the problem of recycling, and agreed to ask the Executive Directors to consider in this context, as a matter of urgency, the adequacy of existing private and official financing arrangements, and to report on the possible need for additional arrangements, including enlarged financing arrangements through the Fund, and to make proposals for dealing with the problem. The Committee also intends to discuss as a matter of priority the adjustment process, quotas in the Fund, and amendments of its Articles, including amendments on gold and the link, among other subjects.

The members of the Committee decided that their next meeting should take place on January 15–16, 1975, in Washington.

The terms of reference of the Committee are as follows:

“The Committee shall advise and report to the Board of Governors with respect to the functions of the Board of Governors in:

  • (i) supervising the management and adaptation of the international monetary system, including the continuing operation of the adjustment process, and in this connection reviewing developments in global liquidity and the transfer of real resources to developing countries ;

  • (ii) considering proposals by the Executive Directors to amend the Articles of Agreement; and

  • (iii) dealing with sudden disturbances that might threaten the system.

In addition, the Committee shall advise and report to the Board of Governors on any other matters on which the Board of Governors may seek the advice of the Committee.

In performing its duties, the Committee shall take account of the work of other bodies having specialized responsibilities in related fields.”

Composition

H. AldabeArgentina
H. ApelGermany
A. BenslimaneMorocco
Y. B. ChavanIndia
E. ColomboItaly
F. D. CreanAustralia
W. De ClercqBelgium
W. F. DuisenbergNetherlands
F. El-KaissiIraq
J.-P. FourcadeFrance
D. HealeyUnited Kingdom
P. KleppeNorway
A. LaféeVenezuela
M. OhiraJapan
Sambwa Pida NbaguiZaïre
S. ShagariNigeria
W. E. SimonUnited States
M H. SimonsenBrazil
J. N. Turner (Chairman)Canada
A. WardhanaIndonesia

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