Early in February 1942 Keynes finished the fourth revised draft of his proposals for an International Clearing Union. The document had been discussed, first in the Treasury and later in interdepartmental committees. The excitement it had created when it was first circulated had not prevented a detailed scrutiny and critical examination. The Bank of England objected to it. Some economists, particularly Sir Hubert Henderson, strongly opposed it. ‘But in the course of discussion, comment and redrafting, gradually, over a period of many months, by an imperceptible process, it came to be regarded as the main Treasury plan.’1 Considerably modified and expanded, it had the elegance of style and the unusual breadth of vision characteristic of Keynes’s writings. On 11 February it was submitted to the ministers.
KeywordsFederal Reserve Finance Minister Stabilisation Fund Exploratory Talk Creditor Country
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