World Finance Ministers meeting in washington for two days starting yesterday (Monday, July 30) are optimistic that they can thresh out a new system of monetary reform.
GV SV & CY Exterior International Monetary Fund Building
GVs Interior Delegates seated (3 shots)
CU and SV Mr. Aichi and sign.
MV Mr. Aichi taking to Mr. Barbar.
MV Chairman seated
MV Mr. Shultz
MV Secretary and Mr. Schweitzer
GV Pan Delegates seated.
Initials AE/22.06 AE/22.19
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Background: World Finance Ministers meeting in washington for two days starting yesterday (Monday, July 30) are optimistic that they can thresh out a new system of monetary reform.
After the first session of the Committee of 20 -- ministers representing all member countries of the International Monterary Fund -- West Germany Finance Minister Helmut Schmidt reported a changed mood on reform. He declared that all major questions should be solved in less than six months.
He even felt that the present monetary system, which has led to a series of recent financial crises, could be replaced by 1974.
The first session was notable for a measure of agreement between United States and French representatives. U.S. Treasury Secretary George Schultz welcomed a suggestion from French Finance Minister Valery Giscard d'Estaing that countries accumulating excessive official reserves should be fined by the International Monetary Fund. This accords with American proposals that sanctions should be enforced against countries running heavy payments surpluses.