Second Amendment of the Articles of Agreement of the International Monetary Fund
E1013104
The Second Amendment of the Articles of Agreement of the International Monetary Fund is a major 1970s reform package that overhauled the IMF’s legal framework, including ending the formal gold standard and redefining members’ exchange rate and reserve asset arrangements.
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
international monetary reform
ⓘ
legal instrument ⓘ treaty amendment ⓘ |
| abolishes |
formal gold standard in the IMF
ⓘ
obligation to maintain par values in terms of gold or US dollar ⓘ official gold par value obligations of members ⓘ |
| adoptedBy |
Board of Governors of the International Monetary Fund
NERFINISHED
ⓘ
member countries of the International Monetary Fund ⓘ |
| adoptionDecidedBy | IMF Board of Governors Resolution NERFINISHED ⓘ |
| affects |
obligations of IMF members regarding exchange arrangements
ⓘ
use of IMF resources by members ⓘ |
| aimsAt |
adapting IMF to post–Bretton Woods environment
ⓘ
greater flexibility in exchange rate arrangements ⓘ reducing role of gold in the international monetary system ⓘ strengthening SDR as a reserve asset ⓘ |
| appliesTo | Articles of Agreement of the International Monetary Fund NERFINISHED ⓘ |
| assigns | IMF surveillance over members’ exchange rate policies ⓘ |
| authorizes |
restitution of gold to IMF members
ⓘ
sale of IMF gold holdings ⓘ |
| bindingOn | all IMF member countries ⓘ |
| creates | new Article IV of the IMF Articles of Agreement ⓘ |
| declares | Special Drawing Rights as the principal reserve asset of the international monetary system ⓘ |
| enteredIntoForceOn | 1978 ⓘ |
| follows | collapse of the Bretton Woods par value system ⓘ |
| language |
English
ⓘ
French ⓘ Spanish ⓘ other official IMF languages ⓘ |
| legalFrameworkOf | International Monetary Fund NERFINISHED ⓘ |
| modifies |
IMF financial operations framework
ⓘ
IMF quota and voting provisions ⓘ rules on allocation of Special Drawing Rights ⓘ |
| overhauls | IMF legal framework ⓘ |
| partOf | post–Bretton Woods monetary reform ⓘ |
| precededBy | First Amendment of the Articles of Agreement of the International Monetary Fund NERFINISHED ⓘ |
| prohibits |
establishment of par values in terms of gold
ⓘ
obligatory use of gold in transactions with the IMF ⓘ use of gold as a denominator of the SDR ⓘ |
| recognizes | right of members to choose their exchange rate arrangements ⓘ |
| redefines | role of Special Drawing Rights ⓘ |
| reforms |
exchange rate regime under the IMF
ⓘ
international monetary system ⓘ reserve asset system under the IMF ⓘ |
| replaces | par value system with a system of exchange rate flexibility ⓘ |
| requires |
members to avoid manipulating exchange rates
ⓘ
members to promote a stable system of exchange rates ⓘ members to pursue orderly economic growth with reasonable price stability ⓘ |
| strengthens | IMF surveillance function ⓘ |
| timePeriod | 1970s ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.
Articles of Agreement of the International Monetary Fund
→
amendedBy
→
Second Amendment of the Articles of Agreement of the International Monetary Fund
ⓘ