Message from the President of the United States of America1, Richard M. Nixon
- International Monetary Fund. Secretary's Department
- Published Date:
- October 1969
A generation has passed since those far-sighted men at Bretton Woods conceived of the International Bank for Reconstruction and Development and the International Monetary Fund. They built well. These sister institutions have been an example to all of international cooperation in action, nourishing the growth in trade and advancing the cause of development essential to peace and prosperity.
Institutions maintain their strength, not by reviewing the accomplishments of the past, but by responding to the needs of their time. As you meet this week in Washington, the challenges are plain. We must restore the stability of price levels, threatened by inflation, upon which sound growth depends. We must attack those obstacles that inhibit development. We must assure that the financial framework for international trade and investment is reinforced to support the requirements of the future.
There are bright omens. This week, you are embarking on the path-breaking task of providing—by deliberate and cooperative decision—the financial liquidity needed to keep pace with economic needs. You will have the benefit of a thoroughgoing review of assistance needs.
There are also visible difficulties. They can only be solved by the devoted efforts of dedicated men, working together with good will, patience, and the support of many countries. Such efforts are the hallmark of these institutions.
I can assure you that this country aims to do its part, including dealing with the inflation that for too long has strained the vitality of our economy.
I welcome you to Washington and wish you Godspeed in your efforts.
Delivered by the Governor of the Fund and Bank for the United States at the Opening Joint Session, September 29, 1969.