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URL: https://www.elibrary.imf.org/view/journals/022/0015/001/article-A004-en.xml
Submission: On July 06 via api from SG — Scanned from DE

Form analysis 6 forms found in the DOM

POST /configurable/content.configurablecontentpagebody.searchwithinform.form?t:ac=journals$002f022$002f0015$002f001$002farticle-A004-en.xml

<form class="search-form single-query-form doc-search-form c-FormControl c-FormControl--dense c-FormControl--fullWidth" data-component-formcontrol="quickSearchTextfield" data-validate="submit" data-generator="tapestry/core/form"
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    name="t:formdata" type="hidden">
  <input value="/journals/022/022-overview.xml" name="source" id="source" type="hidden">
  <div class="form-row">
    <div class="c-InputLabel">Search within Journal...</div>
    <div class="c-Input"><input placeholder="Search within Journal..." data-component-textfield="{&quot;id&quot;:&quot;quickSearchTextfield&quot;, &quot;labelText&quot;:&quot;Search within Journal...&quot;}"
        class="form-control search-field c-InputField" name="q" id="q_within" type="text"><button data-component-textfield-righticon="quickSearchTextfield" class="button submit-btn search-button c-InputAffix c-IconButton c-IconButton--search"
        type="submit">
        <span>Search</span>
      </button></div>
  </div>
  <input value="/journals/022/0015/001/022.0015.issue-001-en.xml" name="issueUri" type="hidden">
  <fieldset class="form-group radio-group">
    <label class="form-label radio-label">
      <input value="ISSUE" name="searchWithinTypeFilter" id="radio" type="radio"> Issue </label>
    <label class="form-label radio-label">
      <input value="JOURNAL" name="searchWithinTypeFilter" id="radio_0" type="radio"> Journal </label>
  </fieldset>
</form>

Name: viewAnnotationForm — POST /configurable/content.viewannotations.viewannotationform?t:ac=journals$002f022$002f0015$002f001$002farticle-A004-en.xml&t:state:client=wlsLNH46cK7SpfmS/FvZR5Mrxoc=: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

<form name="viewAnnotationForm" class="annotationsForm hidden" data-validate="submit" data-generator="tapestry/core/form" data-update-zone="viewAnnotationZone"
  action="/configurable/content.viewannotations.viewannotationform?t:ac=journals$002f022$002f0015$002f001$002farticle-A004-en.xml&amp;t:state:client=wlsLNH46cK7SpfmS/FvZR5Mrxoc=: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"
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    name="t:state:client" type="hidden"><input
    value="8uo63r25WrphE5Hkcy6ig7vmY2M=:H4sIAAAAAAAAAEWOOwrCQBBAV0EbsdHSxsJ6A0IabQQbhSBCOrtJMsaVZCbsTD6ewMt4AC/lHUyX6r3q8T4/M2lDs02Z7i6vPSQFBkcmRdJd47AFIlZQxyR2cJeJEW8O7HMLFaQPtAoVivpXaFP2WLikZ1kx9SGxJ5dlSJur5xRF4jopnUjfub3Xy271nY7NKDKzfkI9FxcoUc0iekIDQQGUB7F6R/m+q9TMh4lzJn9xnM0VvwAAAA=="
    name="t:formdata" type="hidden">
  <input value="" name="annotationIds" type="hidden">
  <input value="/view/journals/022/0015/001/article-A004-en.xml" name="redirectOnDeleteSuccess" type="hidden">
  <input class="display-none" value="" id="viewAnnotationFormSubmit" type="submit">
</form>

Name: editAnnotationForm — POST /configurable/content.viewannotations.editannotationform?t:ac=journals$002f022$002f0015$002f001$002farticle-A004-en.xml&t:state:client=wlsLNH46cK7SpfmS/FvZR5Mrxoc=: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

<form name="editAnnotationForm" class="annotationsForm hidden" data-validate="submit" data-generator="tapestry/core/form"
  action="/configurable/content.viewannotations.editannotationform?t:ac=journals$002f022$002f0015$002f001$002farticle-A004-en.xml&amp;t:state:client=wlsLNH46cK7SpfmS/FvZR5Mrxoc=: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"
  method="post" id="editAnnotationForm"><input value="journals$002f022$002f0015$002f001$002farticle-A004-en.xml" name="t:ac" type="hidden"><input
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  <input value="" name="annotationId" type="hidden">
  <input value="/view/journals/022/0015/001/article-A004-en.xml" name="redirectOnEditSuccess" type="hidden">
  <fieldset class="p-3 m-0">
    <legend>Edit Annotation</legend>
    <div class="annotatedText text-body1 bg-grey-light"></div>
    <textarea id="textarea" class="form-control annotatedTextarea hidden" name="textarea"></textarea>
    <textarea placeholder="Comment ..." id="textarea_0" class="form-control comment w-1 border border-radius text-body1" name="textarea_0"></textarea>
    <!-- Don't add line breaks in the p element. Doing so makes unwanted spaces appear. -->
    <!-- OUP-1178 / Trac(oro2)-5674 -->
    <p class="rules text-caption"> Character limit <span class="count">500</span>/500 </p>
    <div class="formActions">
      <button value=" Delete" class="delete button delete-btn c-Button c-Button--contained c-Button--primary" type="button"> Delete</button>
      <button value=" Cancel" class="cancel button cancel-btn c-Button c-Button--outlined c-Button--primary" type="button"> Cancel</button>
      <button value=" Save" class="save button save-btn c-Button c-Button--contained c-Button--primary" type="submit"> Save</button>
    </div>
    <input class="display-none" value="" id="editAnnotationFormSubmit" type="submit">
  </fieldset>
</form>

Name: annotationsForm — POST /configurable/content.viewannotations.annotationsform?t:ac=journals$002f022$002f0015$002f001$002farticle-A004-en.xml&t:state:client=wlsLNH46cK7SpfmS/FvZR5Mrxoc=: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The second amendment of the Fund’s Articles of Agreement: a general view, I: The
first of two articles presenting the background to certain general aspects of
the second amendment and a discussion of its content and scope
Author: Mr. Joseph Gold1
 * 1 0000000404811396https://isni.org/isni/0000000404811396International
   Monetary Fund


CONTRIBUTOR NOTES

The second amendment is one of the most massive and intricate revisions of a
major treaty that has ever been undertaken. This article, the first of two,
describes the events leading to, and the drafting of, the amendment. It presents
the background to certain general aspects of the revision and discusses its
content and scope. The sequel, to appear in the next issue of Finance &
Development, will continue the discussion of the general characteristics of the
proposed amendment.

Publication Date: 01 Mar 1978 eISBN: 9781616353322 ISBN: 9781616353322 Language:
English Keywords: FD; F&D; country; developing country; way Europe; fund; trade;
holdings of gold; board of governors of the fund; definition of the unit;
International monetary system; Gold; Asia and Pacific; Global
Download PDF (796.7 KB)

 * Abstract
 * Full Text
 * Related Publications

This paper highlights that 1977 was an eventful year for the IMF. Drawing on the
IMF’s resources during 1977 totaled more than SDR 3.4 billion. These were
accompanied by a record volume of repurchases, which reduced the total net
drawings for the year to SDR 427 million. At the end of 1977, total net drawings
on the IMF since its inception were equivalent to about SDR 15.5 billion. In
1977, the IMF also carried out its gold sales to members at SDR 35 per ounce
under the IMF’s “restitution” program.


ABSTRACT

This paper highlights that 1977 was an eventful year for the IMF. Drawing on the
IMF’s resources during 1977 totaled more than SDR 3.4 billion. These were
accompanied by a record volume of repurchases, which reduced the total net
drawings for the year to SDR 427 million. At the end of 1977, total net drawings
on the IMF since its inception were equivalent to about SDR 15.5 billion. In
1977, the IMF also carried out its gold sales to members at SDR 35 per ounce
under the IMF’s “restitution” program.

Joseph Gold

The drafting of the second amendment was a more prolonged and more complicated
task than the preparation of the first amendment, which was designed mainly to
provide for the creation of the special drawing right (SDR) and which became
effective on July 28, 1969. The invention of an international reserve asset was
complicated by the difficulties of so novel an undertaking, but a unifying idea
provided a framework within which the negotiators were compelled to concentrate.
Moreover, the first amendment, when agreed, could be attached to the original
Articles in a form almost resembling a separate treaty, without requiring major
changes in the provisions of the original Articles. The second amendment, even
if less exciting intellectually, was more complex because it consisted of an
anthology of projects without a unifying theme. Such an approach encourages the
introduction of further proposals and the fragmentation of opinion. In addition,
it complicates the task of drafting because the modifications that are required
infiltrate the Articles as a whole and cannot be added to them in single file.

In order to extract the general characteristics of the second revision of the
Articles of Agreement of the Fund from the detail in which they are embedded and
to understand them, it is useful to recall the events that led to international
agreement on the second amendment. They began with the announcement by the
President of the United States on August 15, 1971 that the monetary authorities
of his country no longer undertook to convert foreign official holdings of U.S.
dollars. Many people still regard that event as an illustration of the one-line
poem by the contemporary American artist and poet, Joe Brainard: “With history
piling up so fast, almost every day is the anniversary of something awful.”

The U.S. dollar had been at the center of the international monetary system
created at Bretton Woods in the summer of 1944 because, when the Articles took
effect, the United States had undertaken to maintain the value of its currency
in terms of gold by engaging in gold transactions for dollars with the monetary
authorities of other members. These members were able to maintain the par values
of their currencies in accordance with the Articles by intervening in the
exchange markets with U.S. dollars or with other currencies convertible into
dollars. Now, the center did not hold. The United States, which had taken the
main initiative to create the par value system and which had exercised the main
influence in the negotiation of it, had served notice that the system was
inadequate.

As soon as the shock of August was absorbed, it was agreed that the
international monetary system would have to be subjected to close scrutiny and
possible revision. On October 1, 1971, the Board of Governors of the Fund
adopted a resolution requesting the Executive Board to study and report on all
aspects of the system, and to propose, if possible, the texts of any amendments
of the Articles that the Executive Board considered necessary to give effect to
its recommendations.

On December 18, 1971, the Group of Ten concluded the Smithsonian agreement,
under which new exchange relationships were to be established for the currencies
of members of the Group. On the same day, the Fund adopted a decision on central
rates and wider margins for exchange transactions. The feeling at that time and
for some time to come was that there would be a return to something like a par
value system, although with greater flexibility than had been possible under the
original Articles, and that the Fund’s decision of December 18, 1971 might be
the model for the future system. Flexibility, it soon became apparent from the
views expressed on behalf of many members, would have to include the validation
of floating rates in particular situations and subject to the jurisdiction of
the Fund, although neither the circumstances in which floating would be
permissible nor the precise content of the Fund’s jurisdiction was ever
clarified.


NEGOTIATION OF REFORM

In August 1972, the Executive Board, responding to the resolution of October 1,
1971, transmitted to the Board of Governors a report entitled Reform of the
International Monetary System. This report became, in effect, the agenda for the
Committee of Twenty. The word “agenda/ however, gives little impression of the
imaginative quality and range of the report, even though it avoided specific
proposals and contained no texts of possible amendments.

The Board of Governors had already decided, in July 1972, to establish the
Committee of Twenty, the formal name of which was the ad hoc Committee of the
Board of Governors on Reform of the International Monetary System and Related
Issues. The Committee of Twenty was the outcome of much discussion among members
of the Fund about the best way in which to negotiate reforme It is, of course, a
common phenomenon that international negotiations begin with what is sometimes
referred to as the problem of the shape of the table. On this occasion, the fact
that negotiations were to be conducted on a subject that would be as much
political as economic was one reason that induced members to establish a new
body composed of ministerial and other representatives who had political on
official responsibilities in their own countries. The composition of the
Committee was determined by the twenty constituencies of members of the Fund
that appointed or elected Executive Directors. Each constituency appointed one
member of the Committee, but behind him were ranged numerous associates and
advisors, so that many more than 20 members of the Fund were present in the
chamber in the person of their ministers or officials.

Although the words “ad hoc” were meant to express the insistence of some members
and some Executive Directors that the Committee should not become a permanent
addition to the structure of the Fund, a successor, the Interim Committee of the
Board of Governors on the International Monetary System, was appointed in
October 1974, when the Committee of Twenty ceased to function. Among the reasons
for this development were the demonstrated usefulness of the Committee of
Twenty, the conclusion that full reform of the international monetary system
would be evolutionary and should be supervised by a reconstituted committee, and
the desire to strengthen the Fund by creating a permanent body within its
structure composed of persons with political or official responsibilities in
their own countries. The Interim Committee may be replaced in its turn by the
Council. The provisions that would govern the Council have been influenced by
the resolutions establishing the two Committees and by the experience of those
bodies. The Council would be an organ of the Fund with powers to take decisions
under the Articles, in contrast to the two Committees, which could have advisory
functions only. In the hierarchy of organs the Council would rank between the
Board of Governors and the Executive Board, but would be closer in spirit to the
Board of Governors because it would be composed of Governors, ministers, or
persons of comparable rank and would supervise the management and adaptation of
the international monetary system. The Council would be a surrogate for, but
smaller than, the Board of Governors, which is already composed of 132 Governors
and grows with each increase in the membership of the Fund.

The Committee of Twenty and its subsidiary body, the Deputies, who were
responsible for preparing the work of the Committee, engaged in discussions
during the period September 1972 to June 1974. These discussions among
ministers, among senior officials, and in working groups of technical experts,
of members of the Fund were remarkable for the quality of the analysis of
possible systems.

The Committee of Twenty wound up its work with a report to the Board of
Governors and an Outline of Reform dated June 14, 1974. The Committee, and the
assumptions on which it had proceeded, had been overtaken by events that forced
the negotiators to the conclusion that agreement on a new system was impossible.
Surging inflation and the impact on members’ balances of payments of higher
prices for the importation of oil were among the forces that made the future too
uncertain for more than an indication of the general direction in which the
Committee believed that the system could evolve in the future. The language is
guarded: the modal verb is “could” and not “would” or “should.” Was the effort
that culminated in the Outline expended in vain? The question recalls an
anecdote related by A. J. Liebling, who was crossing the Atlantic on board a
convoyed merchantman during the Second World War, when, in a sudden lurch of the
vessel, the master’s dentures shot into the ocean. “Don’t worry,” he reassured
Liebling, “I know where they are.” We know where to find the ideas of the
Outline and its Annexes.

The Outline consisted of two parts. In Part I the Committee set forth the
elements of a reformed system on which it had been able to agree. Ten topics on
which agreement, or full agreement, had not been reached were treated in ten
Annexes prepared by the Chairman and Vice Chairmen of the Deputies. Part II of
the Outline was entitled “Immediate Steps.” In it, the Committee mentioned or
discussed a number of actions that should or could be taken at once in order to
begin an evolutionary process of reform. Certain amendments of the Articles were
among the immediate steps. Some members of the Committee who had opposed
amendment because it seemed to them that limited objectives did not justify so
arduous an undertaking had come to the view that the improvements in the
Articles that were probably within reach would offer sufficient advantages.
Neither the immediate steps as a whole nor the amendments were presented as a
complete plan of an international monetary system. The Committee, as a political
body, was practicing the art of politics by salvage of the possible and jettison
of the rest.


PREPARATION OF AMENDMENTS

The task of preparing amendments of the Articles was given to the Executive
Board. The first paper on amendment by the staff in a new series of memoranda
that bore the symbol “DAA,” which stood for draft amendments of the Articles,
was issued in early July 1974 and was followed, eventually at almost daily
intervals, by a deluge of drafts, redrafts, and explanatory memoranda until the
end of March 1976. The Executive Board discussed and negotiated individual
amendments, which were later combined in what became known as the comprehensive
draft amendment and subsequently the proposed second amendment, during 280 hours
of debate at 146 sessions.

As early as September 1974, Executive Directors began to wonder what was the
approach to, or the broad principles of, or the pattern implicit in the many
draft proposals for amendment that they had received already. They wondered also
whether these proposals could be related to any underlying principles in Part II
of the Outline. The staff of the Fund responded with two memoranda, one of which
set forth certain principles and the other an ordering of the proposals into the
categories represented by these principles.

The first of the principles was the necessity or usefulness of dealing with
immediate problems, particularly those that had arisen in conducting the
financial activities of the Fund in an environment alien to the Articles, as
well as the problems of an interim period pending reform. It will be seen that
the latter part of this principle became transformed as the work progressed.
Another principle was the desirability of strengthening the structure of the
Fund. An associated principle was the desirability of strengthening the ability
of the Fund to function effectively as a financial and supervisory or regulatory
organization. The creation of more acceptable roles for gold, reserve
currencies, and SDRs was yet another principle. A return to legality,
particularly in connection with exchange arrangements was a further principle,
not merely because of the debasing and debilitating effects of illegality, but
also because of the need to restore an international jurisdiction over exchange
arrangements. All of these principles maintained their vitality throughout the
protracted task of drafting.

The principle of the transfer of real resources to developing countries, which
was recommended in the Outline, survived in an attenuated form in the provisions
on the transfer to developing countries of the profits derived from the sale of
some of the Fund’s gold. It appears also in the terms of reference of the
Council insofar as they combine developments in the transfer of real resources
to developing countries with the adjustment process and global liquidity as
elements over which the Council is to maintain surveillance in supervising the
management and adaptation of the international monetary system. In this context
and elsewhere in the second amendment supervision is employed as a substitute
for clearer and more direct jurisdictional authority. This usage does not
necessarily mean that it will not be possible to give the word an effective role
in practice. Indeed, one reason for choosing it was that its vagueness left room
for the development of practice. The intentions, however, were not always the
same, as is evident from the emphasis on “firm” surveillance in connection with
exchange arrangements.

In the course of its work the Executive Board had obtained the guidance of the
Interim Committee on some of the more political issues that had arisen. The
Executive Board completed its task on March 24, 1976. The text of the proposed
second amendment was sent to the Board of Governors with an elaborate
commentary, which provides a detailed explanation of most of the modifications
of the Articles that were recommended by the Executive Board. The proposed
second amendment was approved by the Board of Governors on April 30, 1976, after
which it was submitted to members for their acceptance. The amendment will
become effective when accepted bv members that number three fifths of the total
membership and have four fifths of the total voting power.

> … the modifications of the Articles that will be made by the second amendment
> are pervasive and leave few provisions wholly untouched…


CONTENT OF SECOND AMENDMENT

The topics on which modifications of the Articles are included in the second
amendment do not correspond to the list of possible amendments in Part II of the
Outline. For example, there are no provisions authorizing the establishment of a
Substitution Account through which members might exchange gold or reserve
currencies for SDRs in order to give members a preferred asset, enhance the role
of the SDR and contribute to the decline of gold, and give the Fund better
control over international liquidity. Nor is there provision for a link between
the allocation of SDRs and development assistance, or for an obligation of
members to consult the Fund on the introduction or intensification for balance
of payments reasons of restrictions on trade or other current account measures
in order to enable the Fund to determine that these actions are indeed justified
by the state of the balance of payments.

Topics such as these were included in the list of possible amendments not
because there was widespread sentiment in favor of them in the Committee of
Twenty, but because there were opposing and strongly held views about them. The
inclusion of them in the list was a compromise that bought time, but, as it
turned out, not agreement. Draft amendments on these topics were prepared and
discussed, some eagerly and others fitfully, but the proposals were abandoned
when it became apparent that agreement was still impossible even after
consideration of them at the ministerial level in the Interim Committee.

Agreement was reached on other topics in the list, but rarely without prolonged
discussion. It was difficult to arrive at agreed amendments even on such
apparently undramatic topics as “improvements in the General Account and in the
characteristics and rules governing the use of the SDR.” Topics not specifically
mentioned in the list were subject to an extrinsic complication. They were
resisted, particularly in the earlier stages of the drafting, with the objection
that there was no mandate for them, even though there was a residual category of
“any other consequential amendments” and even though the Committee of Twenty
requested the Executive Board to prepare amendments to give effect to Part II of
the Outline “or as otherwise desired.” The limited mandate, disappointment that
Part I of the Outline, or something like it, was not the terms of reference, and
the difficulties of reaching agreement on a broad range of discrete proposals,
often induced Executive Directors to ask what were the minimum amendments
essential for the immediate period ahead. The question could not be answered
with assurance because opinions would differ on what was the minimum and what
were the relative weights to be allotted to the various principles that had
inspired proposed amendments.

Ultimately, agreement was reached on numerous modifications of the Articles for
which no specific warrant could be found in Part II of the Outline. The
provisions on the composition of the Executive Board and on the authority of the
Fund to invest assets up to the amount of its reserves are two examples of the
many modifications of this kind. One reason for this broadening of the content
of the second amendment was the change in attitude to the relationship of it to
an interim period, which is discussed in the sequel to this article.


SCOPE OF THE SECOND AMENDMENT

Although the modifications of the Articles that will be made by the second
amendment are pervasive and leave few provisions wholly untouched, the result is
much narrower in scope than Part I of the Outline. For example, little or
nothing will be incorporated in the Articles from the sections of Part I headed
adjustment, controls, disequilibrating capital flows, convertibility,
consolidation, and management of currency reserves.

If one asks what are the most important aspects of the second amendment, few
observers would fail to mention the provisions on exchange arrangements. In
legalizing freedom for members to choose their exchange arrangements, including
floating, the second amendment represents a complete departure from the central
feature of the original articles, the par value system. An objective of the new
provisions, however, is “a stable system of exchange rates.” The emphasis in
these provisions shifts from stable exchange rates to the orderly economic and
financial conditions that will promote a stable system of exchange rates. The
thought that has inspired the provisions is the well-known theory that flexible
exchange rates, though free to vary, are a highly stable system unless
instability in them is produced by underlying economic tensions and
uncertainties.

In order to achieve a stable system, members are subject to certain obligations
in relation to their external and domestic policies, and the Fund is required to
maintain surveillance of the compliance of members with their obligations.

 * If the convoluted economic language of these provisions were translated into
   ethical principles, it might be said that members will be required to strive
   for order, stability, and fairness in conducting those domestic and external
   policies that can affect exchange relationships. In one provision the word
   “orderly” appears four times and “stability” or “stable” three times, but
   these numbers should not be regarded as measurements of importance because
   there is only one reference involving fairness, and even that one is to
   unfairness.— Joseph Gold, “A Report on Certain Recent Legal Developments in
   the International Monetary Fund,” Vanderbilt Journal of Transnational Law,
   Vol. 9 (1976), p. 231.

If the exchange arrangements of the future do result in considerable stability,
the new provisions on gold might then seem to be a more dramatic feature of the
second amendment. The objective with respect to gold is a gradual reduction in
its role in the international monetary system. This aim is pursued by immediate
and radical changes in the role of gold in the Fund itself. Abolition of an
official price for gold, prohibition of any function as a denominator in
exchange arrangements, elimination of the obligations of the Fund and members to
transfer or receive gold under the Articles, and disposition of part of the
Fund’s holdings of gold are among the radical innovations of the second
amendment. Whether these changes will succeed in helping to depose gold from its
traditional sovereign status cannot be foreseen. Much will depend on the way in
which members behave in relation to gold.

The main holders of gold have entered into an agreement among themselves that is
intended to avoid frustration of the objective of the second amendment in
relation to gold. Although the agreement was considered by some members a
necessary condition for concurrence in the new provisions on gold, the agreement
binds the parties for an initial period of no more than two years. The Fund’s
powers to ensure that members avoid actions incompatible with the objective of
the second amendment are limited or at best unclear. The language in which these
powers are expressed was affected by the determination of some members to go as
far as possible in separating the Fund from gold in the hope that eventually
there would be a complete divorce. Clear authority over the behavior of members
in connection with gold was considered undesirable by these members because it
would preserve a relationship between the Fund and gold. So strong was this
conviction that it did not seem paradoxical to oppose jurisdiction even if it
were expressly granted for the purpose of promoting a reduction in the role of
gold. Other members could have accepted this jurisdiction provided that it was
coupled with similar authority over reserve currencies. Resistance to this
proposal is another reason why the provision is drafted in terms of the
surveillance of international liquidity instead of jurisdiction to control the
activities of members in relation to gold.

A concomitant objective of the second amendment, stated twice for emphasis, is
to make the SDR the principal reserve asset of the international monetary
system. For this purpose, numerous improvements or potential improvements have
been made in the SDR that could give it more of the characteristics of legal
tender among monetary authorities. One of these improvements is the right of
participants in the Special Drawing Rights Department to discharge many
obligations to the Fund in SDRs. Another is the right of participants to
transfer SDRs between themselves by agreement/coupled with freedom for the
transferor to enter into these transactions even if it has no economic need to
use reserves. A third improvement that may have a similar effect is the power of
the Fund to permit participants to use SDRs in operations other than those
specifically authorized by the Articles.

The future of the SDR depends on many factors, which include not only the way in
which the Fund exercises its new powers but also an increase in the volume of
SDRs in circulation and a yield that is more competitive with the yield on other
reserve assets. The Articles contain adequate powers for the Fund to achieve
these results. Meanwhile, the Fund’s definition of the unit of value of the SDR
in terms of a basket of currencies, which was adopted even before the second
amendment abrogates the definition in terms of gold, has made rapid progress as
a unit of account outside the Fund, particularly under other multilateral
treaties. Gold is losing this monetary function to the SDR in other legal
instruments as well.

This article and its sequel are based on an address delivered by Mr. Gold to a
seminar arranged by the Fund for senior officials from member countries in Asia.

The contents of Finance & Development may be quoted or reproduced without
further permission. Due acknowledgment is requested. The Editor would appreciate
receiving 2 copies of publications containing reprints or quotations.





SAME SERIES

 * The Second Amendment of the Fund’s Articles of Agreement: a general view, II:
   The second of two articles presenting the background to certain general
   aspects of the Second Amendment and a discussion of its contents and scope
 * Chronology of international monetary reform: Important developments in the
   evolution of both the First and the Second Amendment of the Fund’s Articles
   of Agreement
 * Some first effects of the Second Amendment: The most important immediate
   changes in the Fund’s Articles of Agreement, their significance and
   background explained
 * Fund activity: Second Amendment of Articles of Agreement enters into force;
   quota increases under Sixth General Review; new valuation of SDR; summary of
   Fund transactions; Fleming Memorial Conference papers in book form; selected
   data on Fund...
 * Changes within the Fund: A summary of the proposed amendments in the Fund’s
   Articles of Agreement
 * The emerging international monetary system: The Fund’s role in the changing
   world economic environment
 * The Fund Meeting
 * The Fund and monetary reform: looking to the future
 * The Fund Meeting
 * The IMF: 40 years of challenge and change: Through the Fund Historian’s eyes


OTHER IMF CONTENT

 * A General View
 * PART EIGHT: Amending the Articles of Agreement (1974-1978)
 * PART SIX Amending the Articles of Agreement
 * CHAPTER 35: Preparing Draft Amendments (July 1974-January 1975)
 * Appendix I. Executive Board Decisions and Report Proposing Amendment of
   Articles of Agreement
 * Discussion of Fund Policy at Fund Session1
 * Part II: Commentary on the Proposed Amendment of the Articles of Agreement
 * Documents and Resolutions of the Board of Governors
 * Discussion of Fund Policy at Second Joint Session 1
 * Part I: Introduction


OTHER PUBLISHERS

ASIAN DEVELOPMENT BANK

 * Article 6 of the Paris Agreement: Piloting for Enhanced Readiness
 * Article 6 of the Paris Agreement: Drawing Lessons from the Joint Crediting
   Mechanism
 * Article 6 of the Paris Agreement: Drawing Lessons from the Joint Crediting
   Mechanism (Version II)
 * The Regional Comprehensive Economic Partnership Agreement: A New Paradigm in
   Asian Regional Cooperation?

FOOD AND AGRICULTURE ORGANIZATION

 * Report of the Second Meeting of the Part 6 Working Group established by the
   Parties to the Agreement on Port State Measures to Prevent, Deter and
   Eliminate Illegal, Unreported and Unregulated Fishing, 5-6 July 2018, Rome

INTER-AMERICAN DEVELOPMENT BANK

 * Second-Generation Reforms in Infrastructure Services
 * U.S. Free Trade Agreements and Enforcement of Labor Law in Latin America
 * Presentation and Personal Background: Taoka Isao
 * Labor Provisions in the U.S Free Trade Agreements: Case Study of Mexico,
   Chile, Costa Rica, El Salvador and Peru
 * Japanese Trust Funds at the IDB - Proposal for a Second Independent OVE
   Evaluation
 * The Treatment of Agriculture in Regional Trade Agreements in the Americas
 * Energy Reform and Local Content in Mexico: Effects on the Hydrocarbons Sector
 * Bridging Regional Trade Agreements in the Americas: Special Report on
   Integration and Trade
 * Free Trade Area of the Americas: The Scope of the Negotiations
 * Competition Regimes and Air Transport Costs: The Effects of Open Skies
   Agreement

INTERNATIONAL LABOUR ORGANIZATION

 * Skills for green jobs: A global view

NORDIC COUNCIL OF MINISTERS

 * Teaching Consumer Competences - A Strategy for Consumer Education: Proposals
   of objectives and content of consumer education
 * Scoping Study on Releases from Products with a Proposal of the Next Steps
 * Expanding the Scope of the EuP Directive
 * Control of GMO Content in Seed and Feed: Possibilities and limitations
 * Using sludge on arable land - effect based levels and long-term accumulation
   for certain organic pollutants

THE WORLD BANK

 * Horizontal Depth: A New Database on the Content of Preferential Trade
   Agreements
 * Address Presenting the First Annual Report
 * Address Presenting the Second Annual Report of the International Bank
 * Second-generation biofuels: economics and policies
 * Bosnia and Herzegovina: Estimation of the Effect of the Agreement on
   Amendment of and Accession to the CEFTA on Bosnia and Herzegovina Trade Flows
   and Calculation of Trade Potential
 * The Economic Potential of Article 6 of the Paris Agreement and Implementation
   Challenges
 * Reshaping the International Monetary Architecture: Lessons From Keynes' Plan
 * What is the Social Value of Second-Generation Biofuels?
 * Regulatory Cooperation, Aid for Trade and the General Agreement On Trade in
   Services
 * Global Development Finance 2006 (I. Analysis and Statistical Appendix): The
   Development Potential of Surging Capital Flows

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Finance & Development, March 1978
Author: International Monetary Fund. External Relations Dept.
Volume/Issue: Volume 15: Issue 001 Publisher: International Monetary Fund ISBN:
9781616353322 ISSN: 0015-1947 Pages: 48 DOI:
https://doi.org/10.5089/9781616353322.022
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HEADINGS

 * Keywords
 * Negotiation of reform
 * Preparation of amendments
 * Content of second amendment
 * Scope of the second amendment

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