IMF History (1972-1978) Volume 3
Front Matter

Front Matter

International Monetary Fund
Published Date:
February 1996
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VOLUME III: Documents



Cooperation on Trial

VOLUME III: Documents

Edited by

Margaret Garritsen de Vries




© 1985 International Monetary Fund

Library of Congress Cataloging in Publication Data

De Vries, Margaret Garritsen, 1922–

The International Monetary Fund, 1972–1978.

Includes indexes.

Contents: v. 1–2. Narrative and analysis — v. 3. Documents.

1. International Monetary Fund—History. I. Title. HG3881.5.I58D42 1985 332.1’52 85-2352

ISBN 9781451940220 (v. 3)

ISBN 0-939934-43-4 (set)

The paper used in this publication meets the minimum requirements of American National Standard for Information Sciences—Permanence of Paper for Printed Library Materials, ANSI Z39.48-1984.

Preface to Volume III

This volume comprises the main documents of the International Monetary Fund for the years 1972 through 1978 that are cited in Volumes I and II, Narrative and Analysis. Several of these documents, especially those in Parts One and Two, and many of the Executive Board decisions in Part Seven were written prior to the Second Amendment of the Articles of Agreement, which took effect on April 1, 1978. Unless otherwise indicated, references to the Articles in these documents and decisions are to the Articles as they were after the First Amendment, which applied from July 28, 1969 to March 31, 1978.

In January 1972, at the request of the Board of Governors, the Executive Directors, assisted by the Fund staff, began to develop plans for reforming the international monetary system. In September 1972, negotiations for reforming the system were begun by the ad hoc Committee of the Board of Governors on Reform of the International Monetary System and Related Issues (Committee of Twenty), especially set up for that purpose in July 1972. The Committee continued its deliberations until June 1974. While these deliberations were going on, the Fund staff prepared and circulated to the Executive Board several studies evaluating particular features of a reformed system that were being considered simultaneously in the Committee of Twenty. Some of these studies were discussed in the Executive Board and were also made available to the Committee of Twenty. Part One of this volume contains selections from these studies and the Executive Directors’ report of August 1972. Part Two contains documents pertaining to the Committee of Twenty—the relevant resolutions of the Board of Governors, the Committee’s two reports, including the Final Outline of Reform, and the communiqués that the Committee issued. Also included is a paper, with two supplements, outlining a plan for a committee of the Board of Governors that was prepared by the Fund’s General Counsel and that preceded formation of the Committee of Twenty.

When the Committee of Twenty was officially terminated in October 1974, the Interim Committee of the Board of Governors on the International Monetary System was established to advise and report to the Board of Governors on developments in the international monetary system. Part Three comprises the resolution establishing the Interim Committee and the communiqués that the Committee issued through the end of 1978.

After October 1974, the Executive Board prepared and forwarded to the Interim Committee proposals on several topics, including increases in quotas and recommendations concerning the SDR. After consideration by the Interim Committee, these proposals were submitted to the Board of Governors, in the form of draft resolutions. Part Four contains the Executive Directors’ reports and the resolutions adopted by the Board of Governors on the Sixth and Seventh General Reviews of Quotas, as well as an aide-mémoire from the Managing Director with regard to the Seventh General Review of Quotas. Part Five contains the Executive Directors’ reports and selected resolutions adopted by the Board of Governors with regard to SDRs, as well as a proposal by the Managing Director for an allocation of SDRs for the third basic period.

In July 1974, the Executive Directors turned their attention to amending the Fund’s Articles of Agreement. As draft amendments were being considered, the Executive Directors requested and received guidance from the Interim Committee. Part Six contains a number of documents relating to the Second Amendment.

Part Seven contains the Fund’s basic documents—the Articles of Agreement after the Second Amendment, the amended By-Laws and Rules and Regulations of the Fund, and selected general decisions taken by the Executive Board in the seven years ended in 1978.

In October 1974, in addition to the Interim Committee, there was also established a Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries (Development Committee). Part Eight contains the resolution establishing the Development Committee, the communiqués and reports issued by the Committee through the end of 1978, and related reports.

Part Nine contains selected communiqués issued by the Group of Ten and the Group of Twenty-Four from 1972 through 1978. Although not documents of the International Monetary Fund, these communiqués are closely related to the history of the Fund for those years.

April 1985

M. G. de V.


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