Chapter

Committee on Reform of the International Monetary System and Related Issues1

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
October 1972
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Press Communiqué

September 28, 1972

1. The Committee of the Board of Governors of the International Monetary Fund on Reform of the International Monetary System and Related Issues (the Committee of 20) held its inaugural meeting in Washington, D.C., on September 28, 1972. The Committee consists of one member appointed by each country or group of countries appointing or electing an executive director of the Fund, with the participation of Mr. Pierre-Paul Schweitzer, the Managing Director of the Fund. Each member of the Committee may appoint two associates. A list of the members of the Committee and their associates is attached to this communiqué.

2. The inaugural meeting was convened by the Chairman of the Board of Governors, Mr. Ali Wardhana, to organize the work of the Committee. At the meeting, the Committee selected Mr. Ali Wardhana to serve as its Chairman.

3. In its task of advising the Board of Governors with respect to all aspects of reform of the international monetary system the Committee will be assisted by the Deputies, who are composed of two deputies appointed by each member of the Committee. Mr. C. J. Morse was selected by the Committee to be Chairman of the Deputies.

4. The Committee took note of the Report of the Executive Directors on Reform of the International Monetary System. They exchanged views on the future work of the Committee, and expressed their determination to make rapid progress toward agreement on reform of the international monetary system. They requested the Deputies to develop promptly a program of work in preparation for a meeting which the Committee expects to hold about the end of this year. The Chairman of the Deputies will inform the Chairman of the Committee after each meeting of the Deputies of the progress they have made. The first meeting of the Deputies is to take place on September 29, 1972.

Committee on Reform of the International Monetary System and Related Issues 1 September 29, 1972

MEMBERASSOCIATESDEPUTIES
Anthony Barber
  • Chancellor of the Exchequer, United Kingdom

  • Appointed by United Kingdom

Sir Leslie O’Brien
  • Governor, Bank of England

D.J. Mitchell
  • Executive Director, Fund, United Kingdom



Sir Alan Neale
  • Second Permanent Secretary, H. M. Treasury, United Kingdom

Y.B. Chavan
  • Minister of Finance, India Appointed by Bangladesh, India, Sri Lanka

Tajuddin Ahmad
  • Minister for Finance and Planning, Bangladesh



N. M. Perera
  • Minister of Finance, Sri Lanka

Lai Jayawardena
  • Additional Secretary, Ministry of Planning and Employment, Sri Lanka



I. G. Patel
  • Secretary, Department of Economic Affairs, Ministry of Finance, India

Antonio Delfim Netto
  • Minister of Finance, Brazil Appointed by Brazil, Colombia, Dominican Republic, Guyana, Haiti, Panama, Peru

Rodrigo Llórente
  • Minister of Finance and Public Credit, Colombia



Guillermo Marco del Pont
  • Minister of State and Head of the National Planning Institute, Peru

Paulo H. Pereira Lira
  • Director, Banco Central do Brasil



Bernardo Vega
  • Economic Advisor, Banco Central de la República Dominicana

Mustapha Faris
  • Minister of Finance, Morocco

  • Appointed by Algeria, Ghana, Greece, Iran, Morocco, Tunisia, People’s Democratic Republic of Yemen

Lt. Col. Enninful
  • Special Assistant to Commissioner of Finance, Ghana



Seghir Mostefaï
  • Governor, Banque Centrale d’Algérie

Costa P. Caranicas
  • Alternate Executive Director, Fund, Greece



Mohamed Ghénima
  • Governor, Banque Centrale de Tunisie

Kjell-Olof Feldt
  • Minister of Commerce, Sweden

  • Appointed by Denmark, Finland, Iceland, Norway, Sweden

Jaakko Lassila
  • Member, Board of Management, Bank of Finland



Jóhannes Nordal
  • Governor, Central Bank of Iceland

Svend Andersen
  • Governor, Danmarks Nationalbank



Erik Brofoss
  • Executive Director, Fund, Norway

Valéry Giscard d’Estaing
  • Minister of Economy and Finance, France

  • Appointed by France

Olivier Wormser
  • Governor, Banque de France

Claude Pierre-Brossolette
  • Director of the Treasury, Ministry of Economy and Finance, France



Bernard Clappier
  • Deputy Governor, Banque de France

Menasse Lemma
  • Governor, National Bank of Ethiopia

  • Appointed by Botswana, Burundi, Ethiopia, The Gambia, Guinea, Kenya, Lesotho, Liberia, Malawi, Nigeria, Sierra Leone, Sudan, Tanzania, Trinidad and Tobago, Uganda, Zambia

J. M. Mwanakatwe
  • Minister of Finance, Zambia



Shehu Shagari
  • Federal Commissioner for Finance, Nigeria

Victor E. Bruce
  • Governor, Central Bank of Trinidad and Tobago



E. I. M. Mtei
  • Governor, Bank of Tanzania

Cayetano A. Licciardo
  • Minister of the Treasury and Finance, Argentina

  • Appointed by Argentina, Bolivia, Chile, Ecuador, Paraguay, Uruguay

Alfonso Arcos
  • Advisor to Minister of Finance, Ecuador



Alfonso Inostroza
  • President, Banco Central de Chile

Ricardo Zerbino
  • Director of Planning and Budget, Uruguay



Adolfo C. Diz
  • Financial Representative of Argentina in Europe

Giovanni Malagodi
  • Minister of the Treasury, Italy

  • Appointed by Italy, Malta, Portugal, Spain

Guido Carli
  • Governor, Banca d’ltalia



Alberto Monreal Luque
  • Minister of Finance, Spain

Rinaldo Ossola
  • Deputy General Manager. Banca d’ltalia



Silvano Palumbo
  • Inspector General, Ministry of the Treasury, Italy

Hugo B. Margáin
  • Secretary of Finance and Public Credit, Mexico Appointed by Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Venezuela

Roberto Incer B.
  • President, Banco Central de Nicaragua



Alfredo Lafée
  • President, Banco Central de Venezuela

Ernesto Fernández Hurtado
  • Director General, Banco de Mexico, S.A.



Luis Ugueto
  • Executive Director, Fund, Venezuela

R. J. Nelissen
  • Minister of Finance, Netherlands

  • Appointed by Cyprus, Israel, Netherlands, Yugoslavia

Janko Smole
  • Federal Secretary for Finance, Yugoslavia



J. Zijlstra
  • President, De Nederlandsche Bank N.V.

Moshe Meirav
  • Manager, Foreign Banking Transactions, Bank of Israel



C.J. Oort
  • Treasurer General, Ministry of Finance, Netherlands

Sambwa Pida Nbagui
  • Governor, Banque du Zaïre Appointed by Cameroon, Central African Republic, Chad, People’s Republic of the Congo, Dahomey, Equatorial Guinea, Gabon, Ivory Coast, Malagasy Republic, Mali, Mauritania, Mauritius, Niger, Rwanda, Senegal, Togo, Upper Volta, Zaïre

H. Konan Bédié
  • Minister of Economy and Finance, Ivory Coast



Ange-Edouard Poungui
  • Vice-President of the Republic, People’s Republic of the Congo

Ramaswamy Pyndiah
  • Financial Secretary, Ministry of Finance, Mauritius



Tshishimbi wa Bilenga
  • Member, General Management Committee, Banque du Zaïre

Helmut Schmidt
  • Federal Minister of Economic Affairs and Finance, Germany Appointed by Germany

Karl Klasen
  • President, Deutsche Bundesbank

Otmar Emminger
  • Deputy Governor, Deutsche Bundesbank



Ernst-Wolf Mommsen
  • State Secretary, Ministry of Economic Affairs and Finance, Germany

George P. Shultz
  • Secretary of the Treasury, United States

  • Appointed by the United States

Arthur F. Burns
  • Chairman, Board of Governors, Federal Reserve System, United States



Paul A. Volcker
  • Under Secretary of the Treasury for Monetary Affairs, United States

J. Dewey Daane
  • Member, Board of Governors, Federal Reserve System, United States



Paul A. Volcker
  • Under Secretary of the Treasury for Monetary Affairs, United States

B. M. Snedden
  • Treasurer of the Commonwealth, Australia Appointed by Australia, New Zealand, South Africa, Swaziland, Western Samoa

Nicolaas Diederichs
  • Minister of Finance, South Africa



R. D. Muldoon
  • Deputy Prime Minister and Minister of Finance, New Zealand

H. G. Lang
  • Secretary to the Treasury, New Zealand



Sir Frederick Wheeler
  • Secretary to the Treasury, Australia

John N. Turner
  • Minister of Finance, Canada Appointed by Barbados, Canada, Ireland, Jamaica

George Colley
  • Minister for Finance, Ireland



D.H. Coore
  • Deputy Prime Minister and Minister of Finance, Jamaica

G. Arthur Brown
  • Governor, Bank of Jamaica



Wm. C. Hood
  • Assistant Deputy Minister. Department of Finance, Canada

Koshiro Ueki
  • Minister of Finance, Japan Appointed by Japan

Tadashi Sasaki
  • Governor, The Bank of Japan

Koichi Inamura
  • Vice Minister of Finance for International Affairs, Japan

Hitoshi Yukawa
  • Executive Director, The Bank of Japan

A. Vlérick
  • Minister of Finance, Belgium Appointed by Austria, Belgium, Luxembourg, Turkey

Hannes Androsch
  • Minister of Finance, Austria



Ziya Muezzinoglu
  • Minister of Finance, Turkey

Georges Janson
  • Director, Banque Nationale de Belgique



Hans Kloss
  • General Manager, Austrian National Bank

Ali Wardhana
  • Minister of Finance, Indonesia (Chairman) Appointed by Burma, Fiji, Indonesia, Khmer Republic, Korea, Laos, Malaysia, Nepal, Philippines, Singapore, Thailand, Viet-Nam

Bisudhi Nimmanhaemin
  • Governor, Bank of Thailand



Tan Siew Sin
  • Minister of Finance, Malaysia

Choi Siew Hong
  • Deputy Governor, Central Bank of Malaysia



Choon Taik Chung
  • Financial Attaché, Ministry of Finance, Korea

Abdul Hassan Zalzalah
  • Governor, Central Bank of Iraq

  • Appointed by Afghanistan, Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libyan Arab Republic, Oman, Pakistan, Qatar, Saudi Arabia, Somalia, Syrian Arab Republic, United Arab Emirates, Yemen Arab Republic

Khalil Salim
  • Governor, Central Bank of Jordan



Elias Sarkis
  • Governor, Banque du Liban

See Resolution No. 27-10, pages 353–56.

The chairman of the Board of Governors, Ali Wardhana, convened the inaugural meeting of the Committee on September 28, 1972, at which time he was selected as Chairman of the Committee and C.J. Morse (United Kingdom), Executive Director of the Bank of England, was selected Chairman of the Deputies. The Deputies selected Alexandre Kafka (Brazil), Executive Director of the International Monetary Fund, and Robert Soloman (United States), Advisor, Board of Governors of the Federal Reserve System, as Vice Chairmen of that body.

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