IMF History (1966-1971) Volume 2

Mechanism of Exchange Rate Adjustment

International Monetary Fund
Published Date:
February 1996
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During 1969 the Executive Directors, in informal sessions, held intensive discussions of the role of exchange rates in the adjustment of international payments. In their Annual Report for that year they devoted a section to the Mechanism of Exchange Rate Adjustment and indicated that they intended to continue their study of the subject, and at the 1969 Annual Meeting in Washington many Governors commented on this question. During the ensuing year the Executive Directors carried their work forward and produced the following report, which Mr. Schweitzer, as Chairman of the Executive Board, sent to all members and Governors just prior to the Twenty-Fifth Annual Meeting in Copenhagen in September 1970.

Part I of the report contains descriptive and analytical material on which were based the views of the Executive Directors with respect to the policy aspects of the subject; these views are set forth in Part II.

The report related to Item 5 on the agenda of the Board of Governors for the 1970 Annual Meeting. No action was taken on the report, however.

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