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ry, in accordance with agreed procedures, to change their face value to correct the fundamental imbalance 'in its balance of payments equilibrium. Unfortunately, the basic concepts of imbalance, but the key of the par value system of operation, has never explained in any detail - a notorious omission, will eventually come back in subsequent years plagued the system.

All the Governments that, if there is no free floating exchange rate, countries need a sufficient guarantee of currency reserves. Negotiators do not consider it necessary to change in any fundamental system of the gold exchange standard had been inherited from the interwar years. International mobility is still mainly gold or convertible currency countries share, directly or indirectly, for gold, ('Gold Exchange'). In particular, they are unwilling to change, whether in dollars or its gold reserves, which at the time equivalent of three quarters of the world, all of the value of the central role of central bank gold. Negotiators also agreed, but a deficit of liquidity in some countries the desirability of additional sources. The biggest problem is whether the source should be made as Keynes, is the same one world central bank will be able to create new reserves (according to Keynes, this may be the so-called Bancor), or more limited borrowing mechanism, white preferred.

A reflection of what concessions the United States occur: 1 subscription and the IMF, which is embedded in the quota system itself is only a national currency and each signed a fixed pool of more of the gold. Member is assigned a quota, broadly reflect each country's relative economic importance and the obligation to pay the same amount of subscription funds. Subscription is to pay 25 percent of gold or currency convertible into gold (effectively U.S. dollar, which was the only currency the central bank is still directly gold convertible) and members of its own funds accounted for 75 percent. Each member was entitled to a short period of reserve required by the size of quotas by its decision to the amount of foreign currency.

All the Government has agreed that the need to avoid the kind of economic war 30 years specific to the 10-year recurrence. Some of the rules binding framework needs to ensure that countries will abolish the existing restrictions on foreign exchange control, currency convertibility, return to a multilateral payments system free. Therefore, in principle, members engaged in prohibited conduct or discriminatory currency exchange controls, only two real exceptions. First of all, convertible obligations extend to current international transactions only. Governments do not regulate money to buy and sell goods or services trade. But they have no obligation, to avoid the regulatory capital account transactions. In fact, to encourage them to make a formal capital controls to maintain external balance facing a potential instability 'hot money' inflows. Second, the obligation can be deferred exchange, if a member so in a post-war 'chosen transitional period. Members deferred their obligation to be known as the convertibility of Article XIV of the State; members accepted their so-called Article VIII status. One of the functions assigned to the IMF to oversee the management of currency exchange code of law.

Negotiators agreed that there is a problem of international cooperation on the monetary system of the need for the Forum. Currency in the