The Joint Statement of Principles

Abstract

After this introduction the Statement spelled out the purposes and policies of the Fund: to promote international monetary co-operation; to facilitate the expansion and balanced growth of international trade, thus contributing to the maintenance of a high level of employment and income; to make the Fund’s resources available to member countries, thus giving them time to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity; to promote exchange stability; to assist in the establishment of multilateral payments facilities on current transactions and in the elimination of foreign-exchange restrictions hampering the growth of world trade; and to shorten the periods and lessen the degree of disequilibrium in the international balance of payments of member countries.

Sufficient discussion of the problems of international monetary cooperation has taken place at the technical level to justify a statement of principles. It is the consensus of opinion of the experts of the United and Associated Nations who have participated in these discussions that the most practical method of assuring international monetary cooperation is through the establishment of an International Monetary Fund. The principles set forth below are designed to constitute the basis for this Fund. Governments are not asked to give final approval to these principles until they have been embodied in the form of definite proposals by the delegates of the United and Associated Nations meeting in a formal conference.