C. Composite Resolution on the Work of the Ad Hoc Committee on Reform of the International Monetary System and Related Issues and on a Program of Immediate Action

The Board of Governors having noted:

That the ad hoc Committee on Reform of the International Monetary System and Related Issues, which was established at the Board’s 1972 Annual Meeting to advise and report with respect to all aspects of reform of the international monetary system, has now concluded its work; and

That the Chairman of the ad hoc Committee has transmitted its final report (“Report to the Board of Governors of the International Monetary Fund by the Committee on Reform of the International Monetary System and Related Issues”) accompanied by an “Outline of Reform” (hereinafter referred to as the Outline), consisting of Part I (“The Reformed System”), which records the outcome of the Committee’s discussions and indicates the general direction in which the Committee believes the system could evolve, and Part II (“Immediate Steps”), which sets out the steps that the Committee agrees should be taken immediately; and

That the Executive Directors have been studying various aspects of the international monetary system and in accordance with the Committee’s recommendations on immediate steps in the Report and Outline have adopted certain decisions;

Now, therefore, the Board of Governors hereby takes the following actions:

Resolution Nos. 29-7, 29-8, 29-9, 29-10,

October 2, 1974

First Resolution (No. 29-7):