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BOARD OF GOVERNORS
OPTHC

FEDERAL RESERVE SYSTEM

Jffice Correspondence
<p0

Chairman Eccles

From

Walter R. Gardner

Date.

May 31, 1944

Subject; Documents on the Monetary Fund
and Investment Bank

Governor Szymczak has suggested that I send you a few of
the documents and memoranda on the International Monetary Fund and
the International Investment Bank.
On the Monetary Fund the three documents released to the
press on April 21, 1944 (i.e. the Joint Statement, the Sunmary of
the Joint Statement, and Morgenthau's address), are the only absolutely up-to-date documents. The "Joint Minutes11 of the meeting of
the U. S. and U. K. experts on October 9, 1943, however, stated on
the first page certain points of agreement between the British and
ourselves that were never intended to be included in the Joint Statement and which still bind the technicians of the two countries. The
points of disagreement noted on the second page of the minutes can
be disregarded since they have all since been settled in accordance
with the Joint Statement as published. I am sending you also the
Preliminary Draft Outline of an International Stabilization Fund
dated July 10, 1945, since the Americans may endeavor to get a number of provisions similar to those in the detailed outline incorporated in the final product of the conference. Much of the outline
has, however, been superseded by the Joint Statement. The other
documents on the Monetary Fund analyze the plan from a broad economic
viewpoint at various stages of the discussions and are not completely
up to date.
On the Investment Bank I include the published Preliminary
Draft Outline of November 24, 1945, the proposed "Statement" which
is intended to bear much
the same relation to the detailed draft
as the Joint Statement on the Fund bears to the detailed Fund drafts,
and two analytical memoranda based on the published November 24 draft.
There has been no international agreement as yet on the "Statement",
which therefore has no such standing as the Joint Statement on the
Fund.

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