• Short Summary

    Pierre-Paul Schweitzer, managing director of the International Monetary Fund told the 24th annual meeting of the Fund Monday (29 September) that the long delay in bring inflation under control in the United State and Britain "imparted an unduly expansionary impetus to the worldeconomy."
    "The attack on embedded inflation in the United States by means of restrictive monetary measures has entailed severe strains in world financial markets," he said. "Interest rates have risen to levels unprecedented in modern times.

  • Description

    Pierre-Paul Schweitzer, managing director of the International Monetary Fund told the 24th annual meeting of the Fund Monday (29 September) that the long delay in bring inflation under control in the United State and Britain "imparted an unduly expansionary impetus to the worldeconomy."
    "The attack on embedded inflation in the United States by means of restrictive monetary measures has entailed severe strains in world financial markets," he said. "Interest rates have risen to levels unprecedented in modern times. This has caused serious difficulties for a number of countries and, in particular, economic sectors."
    Mr. Schweitzer said "the programs of restraint now being carried out in the United States, the United Kingdom and France should improve both internal and external financial balance in these countries. It is therefore of great importance for the world economy that these programs should be pressed to the point at which they show uneguivocal results."
    One of the purposed of the week-long International Monetary Fund Conference is to introduce and debate the Special Drawing Rights scheme which is designed to relieve heavy buying pressure on various currencies. Mr. Schweitzer, the architect of the scheme, points out "paper" gold would be drawn from the Fund by hard-pressed nations to ease buying pressure on their currencies.

    No member nation would draw freely; each would have a quota. The I.M.F. would regulate the scheme.

    More than 1,000 delegates representing 112 nations are attending the I.M.F. conference in Washington.

  • Tags

  • Data

    Film ID:
    VLVA2BD55GQCLW26OIXWNTZQN89PU
    Media URN:
    VLVA2BD55GQCLW26OIXWNTZQN89PU
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    30/09/1969
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:30:00
    Time in/Out:
    /
    Canister:
    N/A

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