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Bretton Woods Agreements Act 1957

5. certain provisions of legal force agreements providing for Zambia`s adoption of agreements on the creation and operation of the International Monetary Fund and the International Bank for Reconstruction and Development; and deal with related issues. 730 delegates from the 44 Allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, USA, for the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference. Delegates deliberated from July 1 to 22, 1944 and signed the Bretton Woods Agreement on the last day. Through the establishment of a system of rules, institutions and procedures for regulating the international monetary system, these agreements created the IMF and the International Bank for Reconstruction and Development (IBRD), now part of the World Bank Group. The United States, which controlled two-thirds of the world`s gold, insisted that the Bretton Woods system was based on both gold and the U.S. dollar. Soviet representatives attended the conference, but then refused to ratify the final agreements and claimed that the institutions they had created were “branches of Wall Street.” [1] These organizations were commissioned in 1945 after the agreement was ratified by a sufficient number of countries. He believed that the priorities of the United States were correct and, although there were internal tensions within the Western Alliance, that abandoning open trade would be more costly, economically and politically, than it was worth: “Our role in global leadership in the political and military sense is the only reason for our current economic embarrassment, on the one hand, and on the other hand, and on the other , correcting economic embarrassment among current monetary systems. Create an unsustainable economic position for our allies. Theoretically, the reserve currency of the Bancor (a global monetary unit that was never implemented) would be proposed by John Maynard Keynes; However, the United States objected and its request was accepted, so that the “reserve currency” became the U.S. dollar. This meant that other countries would link their currencies to the U.S. dollar and, once convertibility was restored, buy and sell U.S.

dollars to keep exchange rates in plus or minus 1% of parity. Thus, the U.S. dollar played the role that gold had played below the gold standard in the international financial system. [25] “Fund management,” the decision of the Board of Governors of the Fund regarding Zambia`s membership of the Fund, the text of which is included in the first timetable read by the Fund`s Board of Governors decision on increasing the quotas of Fund members dated March 22, 1976. The United States was clearly the most powerful country around the table, which was ultimately able to force its will on others, including an often dismayed Britain.

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