By Joseph Gold
IMF economists paintings heavily with member nations on a number of matters. Their specific viewpoint on kingdom reports and top practices on international macroeconomic matters are usually shared within the kind of books on various themes similar to cross-country comparisons, means construction, macroeconomic coverage, monetary integration, and globalization.
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Extra info for Legal and institutional aspects of the international monetary system : selected essays
It has been seen, however, that no substantive change was made in Article I when the SDR was created by the First Amendment or when the par value system was abandoned by the Second Amendment. It would seem from this evidence that the purposes of Article I would not be constraining if the necessity should arise to interpret references in the Articles to the international monetary system. 36 37 The participants now (mid-1982) include all members of the Fund. Article XII, Section 1. 28 ©International Monetary Fund.
The expression occurs in two provisions that deal with the developing role of the SDR. Article VIII, Section 7 sets forth the obligation of members to collaborate regarding policies on reserve assets: Each member undertakes to collaborate with the Fund and with other members in order to ensure that the policies of the member with respect 27 ©International Monetary Fund. Not for Redistribution DEVELOPMENTS SINCE 1971  to reserve assets shall be consistent with the objectives of promoting better international surveillance of international liquidity and making the special drawing right the principal reserve asset in the international monetary system.
Now, do you believe, this is, after all, rather complicated? Do you expect the Congress, in a period of 3 or 4 or 5 weeks, to be able to understand this document? Mr. White. Oh, yes; very definitely. There are a substantial number of Congressmen and some Senators that I have spoken with personally, who already have a grasp of all the significant points. There are some of the provisions dealing with details necessary for operations that you can understand if you want to take considerable trouble, but certainly I expect that Congress—those Members of Congress who are sufficiently interested, can understand the bask pattern and the structure and the purpose and the powers of this agreement.