Journal Issue


International Monetary Fund. External Relations Dept.
Published Date:
June 1987
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Lesson in geography

The September issue of Finance & Development included a sequence of maps on the European Community. Allow me to point out that West Berlin, where nearly two million people live, is not shown as a part of the European Community. Yet it should be included as of 1967 at the latest, since West Berlin then came within the purview of the three treaties. It is also more than a minor flaw that the maps leave the Danish islands Zealand and Fyn with the capital, Copenhagen, outside the European Community’s gate!

Dr. Georg Massion

Bonn, Federal Republic of Germany

The September 1986 edition carries a cartographic display of the expansion of the European Communities since 1952 that unfortunately in no way indicates that, due to the relevant memoranda of association with the Federal Republic of Germany, West Berlin is also a part of the European Community. By contrast to similar omissions in other places, this oversight is of political importance in the case of Berlin. The Soviet Union and the other Warsaw Pact countries have always contested the fact that European Community membership extends to Berlin. Giving even a shred of legitimacy to those substantively unfounded claims should be avoided. The Federal Foreign Office would therefore appreciate it greatly if future publications appropriately include Berlin in maps of the European Community.

Federal Foreign Office

Bonn, Federal Republic of Germany


We regret that our stylized maps that attempted to illustrate the growth of the European Community did not show all territories covered by the Community. The small size of the maps and the nature of the illustration led us to this error of omission. This was in no way intended to belittle the economic importance of West Berlin, nor its being an integral part of the European Community. We wanted the illustrations to provide a visual image of the Community’s growth rather than a detailed, or official, representation of its membership.

Colombia: why adjustment worked

The article by Miguel Schloss and Vinod Thomas, on “Adjustment With Growth: Colombia’s Experience” (December 1986), begins with a report on economic performance in recent years. I wish to clarify that the balance of payments crisis which gripped Colombia in the first half of the 1980s was not due to the absence of medium-term growth measures. Rather, it was an historical reflex (which is quite normal for a developing country) to a boom period in which political interests used these resources arbitrarily to further their claims without adequate planning, thus spawning future disequilibria in the balance of payments.

Colombia does have several medium-term plans, but the lack of coordination among sectors and the partisan fashion of executing these plans distorts them and prevents their effective implementation. Some type of external supervision is thus required to guarantee that they are properly carried out. In this case the adjustment process benefited from the fitting advice of the IMF and the World Bank. Otherwise we might not have achieved the same results.

Unfortunately, this is the reality in many developing countries. It is thus very important that Finance & Development take up this topic again in order to increase awareness of how important it is that adjustment programs be carried out faithfully.

Rafael A. Marín Vásquez

Universidad de Medellín, Colombia

Photo credits: Photographs on pages 6,17,21, and 31 by R Townsend; pages 14,24,27, 35, 39, 42, and 49 by G. Franchini; and on page 10 by M. lannacci.


The Fund AgreementintheCourtsVolumesI, II, andIII

The Articles of Agreement of the International Monetary Fund have had many effects on public and private international law, and have been involved in litigation In numerous national courts and international tribunals. written by Sir Joseph Gold, former General Counsel of the Fund, the first two volumes review the cases on which the Articles have had a bearing. The third volume, which has just been published, examines the impact of the Articles on a wide range of legal problems, including the relationship of the Articles to other defenses and to private international law (particularly to exchange controls in the context of the burden of external debt), discusses drafts of the monetary law provisions of the Restatement of the Foreign Relations Law of the United States, and examines the views of other authors.

Price; Volume I—$3.50; Volume II—$17.50; volume III—$45.00, the set—$60.00.

LegalandInstitutionalAspectsoftheInternationalMonetarySystem: SelectedEssaysVolumesIandII

These two volumes, also written by Sir Joseph Gold, contain essays on various legal and organizational aspects of the international monetary system and of the Fund. The essays are addressed to all who are interested in the International monetary system and not to lawyers only. Among the particular topics covered are: the law and change, reform of the international monetary system, SDRs, sanctions, political bodies in the Fund, the legal aspects of conditionality, uniformity and symmetry as principles of the Fund, and the par value system, volume ll includes the text of lectures delivered at The Hague Academy of international Law,

Price: volume l—$17.50; volume II—$45.00; the set-$50.00

Available from:

International Monetary Fund • Publication Services • Box A-872

700 19th Street, N.W. • Washington, D.C. 20431 • USA

Telephone: (202) 623-7430

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