Internationale monetaire samenwerking en de groep van Tien

Summary

The development of international monetary co-operation can be divided in several phases. In the beginning, that is to say in the 'twenties, co-operation was only incidental in the form of international conferences, convened in order to promote or to maintain stability of foreign exchange rates after the First World War. As the result of a slowly growing feeling towards common responsibility for the functioning of the gold standard a more or less close co-operation was established among the leaders of the more important central banks in the world. In the earlier 'thirties, however, monetary nationalism prevented fruitful international consultations.

The Tripartite Agreement of 1936 seemed to point to a certain revival of co-operation, but World War II brought this to an end.

The opportunity offered at the end of World War II was seized. A large number of countries founded the International Monetary Fund. In the Articles of Agreement of the Fund parties agreed about some fundamental principles. The monetary system, however, did not develop quite in accordance with the I.M.F. model. Key-currencies played an important part and several supplementary agreements, partly on an ad hoc basis, were established (Marshall-Aid, E.P.U., Basle Agreement, General Arrangements to Borrow, reciprocal currency arrangements, Roosa bonds). In addition regional co-operation was started (Benelux, E.E.C., O.E.E.C. — later O.E.C.D.), in which also monetary co-operation came to the fore. For several years the Monetary Committee of the E.E.C. was a centre of monetary discussions. These developments meant a considerable improvement as compared to the situation before 1940. Monetary cooperation, based on incidental conferences and personal consultations between central bank leaders, is now institutionalized while a common responsibility is more strongly felt.

The Group of Ten deserves especially to be mentioned. This Group was founded by virtue of the G.A.B. in 1961. The main work in the field of studying the international monetary system and in preparing improvements in the functioning of this system among which the problem of the creation of new reserve assets is in the hands of this Group. Three reports have so far been published. An interim report called Ministerial Statement of the Group of Ten with Annex, prepared by the Deputies in 1964; the report of the Study Group on the Creation of Reserve Assets (Ossola-report) in 1965; and the Communiqué of Ministers and Governors and Report of Deputies in August 1966.

With regard to the special problem of the functioning of the adjustment process Working Party III of O.E.C.D. prepared a report on the Balance of Payments Adjustment Process, dated August 1966.

These reports show that a considerable degree of agreement had been reached on various points, e.g.: that there ought to be stability of exchange rates; that the price of gold should not be raised; that international consultations are essential; that for the near future the amount of international liquidities is sufficient, but that in the long run the need for liquidities may grow faster than the supply. All countries except France are at present in favour of a contingency planning on the subject of the creation of new media. France has not participated in the discussions on this point. The other countries agree that it should not be allowed to create the new medium for the financing of a balance of payments deficit of an individual country, but that its creation should be based on the general, global needs of the whole world. Distribution should take place unconditionally. Within the majority of the Group there is, however, also difference of opinion with regard to various points, e.g. the problem whether the I.M.F. or a separate body should create the new medium, the question of organisation, the voting system etc. These points are still under discussion.