• Short Summary

    The International Monetary Fund and World Bank conference ended in Washington on Friday (29 September) with delegates optimistic about prospects for world currency reform.

  • Description

    The International Monetary Fund and World Bank conference ended in Washington on Friday (29 September) with delegates optimistic about prospects for world currency reform.

    The Managing Director of the IMF, M. Pierre-Paul Schweitzer, told the closing session that there was now a general willingness to move ahead promptly with the collective task of reforming the international monetary system.

    The main achievement of the meeting was to set up a committee of twenty which has been given the task of working a new system within the next two years.

    Finance Ministers and central bank governors from 124 countries attended the five-day meeting in Washington.

    SYNOPSIS: The International Monetary Fund and World Bank conference ended in??? Washington on Friday, leaving the reform of the world's monetary system in the hands of a new twenty-nation committee.

    A new currency system became inevitable after President Nixon removed the dollar from the gold standard in August last year, forcing many currencies to float. Currency speculation, which pushed the British pound off its agreed exchange rate last June, increased calls for monetary reform.

    The new committee is expected to produce proposals for a new world money system within the next two years. The Managing Director of the IMF, Monsieur Pierre-Paul Schweitzer, said there was now a general willingness to move ahead promptly with the collective task of monetary reform.

  • Tags

  • Data

    Film ID:
    VLVA8GGUTXKK7HN4WC12S9COZSC9W
    Media URN:
    VLVA8GGUTXKK7HN4WC12S9COZSC9W
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    30/09/1972
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:00:57:00
    Time in/Out:
    /
    Canister:
    N/A

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