Abstract
The discussions about the reform of the international monetary system dominated internal debates at the IMF during the first part of the seventies. They also consumed great analytical and political efforts at the time, leading nowhere. By 1975, interest in reform was fading and attention was being directed to surviving with the existing state of affairs. Now, close to commemorating 50 years since the creation of the postwar monetary arrangements, interest in reform is coming back, as the IMF is now really becoming a global institution and as experience gained in the last 15 years shows that even imperfect cooperation in the monetary and adjustment fields is clearly more productive than open confrontation.
The points of view expressed in this paper are those of the author, and do not necessarily reflect those of the organisations to which he is related. Comments by Ricardo Ffrench-Davis are acknowledged with thanks.
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Notes
The proposals made, the negotiations and the debate which led to the final agreement are well described in Horsefield, Y. Keith, The International Monetary Fund 1945–1965 (Washington, DC: International Monetary Fund, 1969).
See, for example: Holtrop, M. W. (President of the Netherlansche Bank), ‘Method of monetary analysis used by the Netherlanche Bank’, in Recent Developments in Monetary Analysis, Washington, DC, IMF Staff Papers, Vol. V, no. 3, February 1957. Also, Polak, J. J., ‘Monetary analysis of income formation and payments problems’, IMF Staff Papers, Vol. VI, no. I, November 1957.
Triffin, R. Europe and the Money Muddle (New Haven, CT: Yale University Press, 1957), especially pp. 296–9.
Ffrench-Davis, R. and P. Meller, ‘Structural Adjustment and World Bank Conditionality: A Latin American Perspective’, Notas Técnicas, CIEPLAN, Nov. 1990. (Prepared for the G-24.)
Marris, S. ‘A Proposal to Create the Group of the Non-Five’, in WIDER Study Group Series No. 4, World Economic Summits: The Role of Representative Groups in the Governance of the World Economy, Appendix A, pp. 34–101, Helsinki, May 1989.
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Massad, C. (1995). A New International Monetary System for the Future. In: ul Haq, M., Jolly, R., Streeten, P., Haq, K. (eds) The UN and the Bretton Woods Institutions. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-23958-0_10
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DOI: https://doi.org/10.1007/978-1-349-23958-0_10
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