International Monetary Cooperation

By George N. Halm | Go to book overview

APPENDIX I THE WHITE PLAN PRELIMINARY DRAFT OUTLINE OF A PROPOSAL FOR AN INTERNATIONAL STABILIZATION FUND OF THE UNITED AND ASSOCIATED NATIONS REVISED July 10, 1943

Preamble
1. There is a growing recognition that progress toward establishment of a functioning democratic world in the post- war period will depend on the ability of free peoples to work together in solving their economic problems. Not the least of these is the problem of how to prevent a widespread breakdown of currencies with resultant international economic disorder. We must assure a troubled world that the free countries will solve these perplexing problems, and that they will not resort to competitive exchange depreciation, multiple currency practices, discriminatory bilateral clearing, or other destructive foreign exchange devices.
2. These are not transitory problems of the immediate post- war period affecting only a few countries. The history of the past two decades shows that they are continuing problems of vital interest to all countries. There must be a general realization that world prosperity, like world peace, is indivisible. Nations must act together to restore multilateral international trade, and to provide orderly procedure for the maintenance of balanced economic growth. Only through international co- operation will it be possible for countries successfully to apply measures directed toward attaining and maintaining a high level of employment and income which must be the primary objective of economic policy.
3. The International Stabilization Fund of the United and Associated Nations is proposed as a permanent institution for

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