The year 1971 marked the beginning of the end of the system introduced in Bretton Woods 27 years ago. In mid-1972, the Board of Governors on Reform of the International Monetary System and Related Issues Committee was elected. The formulation of this reform is not an easy task, since it not only refers to the monetary reform of the System, but other important aspects come into play, such as international trade, balance of payments adjustments and the availability of necessary liquidity for developing countries, which complicates tremendously the task of achieving a new system that satisfies the internal interests, and in many cases conflicting, of the 125 member nations of the IMF. With this, The IMF it would become an organization with great international decision-making power, obliging member countries to abide by the guidelines issued by said Institution in order to make the system operational.
Keywords:
International Monetary System, Bretton Woods, International Monetary Fund, Economic Reform, Dollar
Author Biography
Pedro A. Palma
Venezolano, profesor de economía del Instituto de Estudios Superiores de Administración (I.E.S.A.), Caracas. Asesor económico de CORDIPLAN, Caracas. Miembro de International Board of Economic Advisors de la Revista Newsweek.
Palma, P. A. (1975). Análisis del sistema monetario internacional. Estudios Internacionales, 8(32), p. 51–102. https://doi.org/10.5354/0719-3769.1975.17322
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