DOCSLIB.ORG

24081-9781475580754.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
24081-9781475580754.Pdf SUMMARY PROCEEDINGS 1985 ©International Monetary Fund. Not for Redistribution International Standard Sériai Number: ISSN 0074-7025 ©International Monetary Fund. Not for Redistribution INTERNATIONAL MONETARY FUND SUMMARY PROCEEDINGS OF THE FORTIETH ANNUAL MEETING OF THE BOARD OF GOVERNORS OCTOBER 8-11, 1985 WASHINGTON, D.C. ©International Monetary Fund. Not for Redistribution This page intentionally left blank ©International Monetary Fund. Not for Redistribution CONTENTS PAGE Introductory Note xi Address by the President of the Republic of Korea, Chun Doo Hwan 1 Opening Address by the Chairman of the Boards of Governors, the Governor of the Fund and the Bank for Senegal, Mamoudou Touré 6 Presentation of the Fortieth Annual Report by the Chairman of the Executive Board and Managing Director of the Interna- tional Monetary Fund, J. de Larosière 19 Discussion of Fund Policy at Second Joint Session Report by the Chairman of the Interim Committee of the Board of Governors on the International Monetary System, H. O. Ruding 33 Statements by the Governors for Luxembourg—Jacques F. Poos* 37 Brazil—Dilson Domingos Funaro* 40 Ireland—Alan M. Dukes 42 France—Pierre Bérégovoy 46 United States—James A. Baker III 50 Japan—Noboru Takeshita 58 Canada—Michael H. Wilson 68 Spain—Mariano Rubio Jiménez 72 China—Liu Hongru 75 New Zealand—R. O. Douglas 78 Discussion of Fund Policy at Third Joint Session Report by the Chairman of the Joint Ministerial Committee of the Boards of Governors on the Transfer of Real Resources to Developing Countries (Development Committee), Ghulam Ishaq Khan 81 Statements by the Governors for Venezuela—Benito Raúl Losada* 85 United Kingdom—Ian Stewart 89 *Speaking on behalf of a group of countries. ©International Monetary Fund. Not for Redistribution vi CONTENTS PAGE India—Vishwanath Pratap Singh 95 Korea—Mahn Je Kim 98 Germany, Federal Republic of—Gerhard Stoltenberg 101 Algeria—Mohamed Terbèche* 105 Italy—Giovanni Goria 108 Austria—Franz Vranitzky 115 Iran, Islamic Republic of—Hossein Namazi 117 Indonesia—Radius Prawiro 125 Australia—Christopher Hurford 131 Discussion of Fund Policy at Fourth Joint Session Statements by the Governors for South Africa—B. J. du Plessis 136 Denmark—Palle Simonsen* 139 Hungary—János Fekete 143 Netherlands—H. O. Ruding 147 Zaïre—Djamboleka Loma Okitongono* 150 Jamaica—Edward Seaga* 157 Yugoslavia—Vlado Klemencic 163 Egypt—Kamal El-Ganzoury 165 Western Samoa—Tofilau Eti Alesana 168 Sri Lanka—Ronnie de Mel 169 Greece—loannis Papantoniou 173 Discussion of Fund Policy at Fifth Joint Session Statements by the Governors for St. Christopher and Nevis—Kennedy A. Simmonds* 176 Thailand—Sommai Hoontrakool 178 Israel—Yitzhak Moday 181 Nepal—Prakash Chandra Lohani 185 Pakistan—Mahbub ul Haq 188 Belgium—Jean Godeaux 193 Bangladesh—M. Syeduzzaman 195 Solomon Islands—George Kejoa* 199 Tonga—James Cecil Cocker 202 Peru—Luis Alva Castro 203 Bolivia—the Delegation for Bolivia 215 Fiji—Jone Kubuabola 218 Lao People's Democratic Republic—Kikham Vongsay .... 222 Lesotho—Peete Nkuebe Peete 224 Malaysia—Daim Zainuddin 227 Malta—Wistin Abela 229 *Speaking on behalf of a group of countries. ©International Monetary Fund. Not for Redistribution CONTENTS vii PAGE Papua New Guinea—Philip Bouraga 232 Paraguay—César Romeo Acosta 235 Concluding Remarks Statements by The Temporary Alternate Governor of the Fund for Colom- bia, Ramiro Zambrano Cardenas 239 The Chairman of the Executive Board and Managing Direc- tor of the International Monetary Fund, J. de Larosière 240 The Chairman of the Boards of Governors, the Governor of the Fund and the Bank for Senegal, Mamoudou Touré.. 243 DOCUMENTS AND RESOLUTIONS OF THE BOARD OF GOVERNORS Schedule of Meetings 249 Provisions Relating to the Conduct of the Meetings 250 Agenda 251 Reports of the Joint Procedures Committee 252 Report II 252 Annex 254 Attachment 1. Rules and Regulations Amended Since the 1984 Annual Meeting 255 Report III 257 Annex 258 Attachment. Report of the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries 259 Annex A. Members of the Committee 266 Annex B. Organizational and Administrative Aspects 269 Annex C. IBRD and IMF Resolutions Establishing the Development Committee 271 Annex D. Agendas and Press Communiqués of Meet- ings Held in September 1984 and April 1985 271 Resolutions 40-1 Direct Remuneration of Executive Directors and Their Alternates 276 40-2 Membership for Tonga 276 40-3 Financial Statements, Report on Audit, and Adminis- trative Budget 279 ©International Monetary Fund. Not for Redistribution viii CONTENTS PAGE 40-4 Amendments of the Rules and Regulations 279 40-5 Appreciation 279 Interim Committee of the Board of Governors on the Interna- tional Monetary System Press Communiqué (October 7, 1985) 280 Composition (as of October 7, 1985) 284 Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to De- veloping Countries Press Communiqué (October 7, 1985) 285 Composition (as of October 7, 1985) 289 Attendance Members of Fund Delegations 290 Executive Directors, Alternates, and Advisors 309 Reference List of Principal Topics Discussed 313 List of Abbreviations Used 319 ©International Monetary Fund. Not for Redistribution STATEMENTS BY GOVERNORS Listed in Alphabetical Order by Country PAGE Algeria—Mohamed Terbèche 105 Australia—Christopher Hurford 131 Austria—Franz Vranitzky 115 Bangladesh—M. Syeduzzaman 195 Belgium—Jean Godeaux 193 Bolivia—the Delegation for Bolivia 215 Brazil—Dilson Domingos Funaro 40 Canada—Michael H. Wilson 68 China—Liu Hongru 75 Denmark—Palle Simonsen 139 Egypt—Kamal El-Ganzoury 165 Fiji—Jone Kubuabola 218 France—Pierre Bérégovoy 46 Germany, Federal Republic of—Gerhard Stoltenberg 101 Greece—loannis Papantoniou 173 Hungary—János Fekete 143 India—Vishwanath Pratap Singh 95 Indonesia—Radius Prawiro 125 Iran, Islamic Republic of—Hossein Namazi 117 Ireland—Alan M. Dukes 42 Israel—Yitzhak Moday 181 Italy—Giovanni Goria 108 Jamaica—Edward Seaga 157 Japan—Noboru Takeshita 58 Korea—Mahn Je Kim 98 Lao People's Democratic Republic—Kikham Vongsay 222 Lesotho—Peete Nkuebe Peete 224 Luxembourg—Jacques F. Poos 37 Malaysia—Daim Zainuddin 227 Malta—Wistin Abela 229 Nepal—Prakash Chandra Lohani 185 Netherlands—H. O. Ruding 147 New Zealand—R. O. Douglas 78 Pakistan—Mahbub ul Haq 188 Papua New Guinea—Philip Bouraga 232 Paraguay—Cesar Romeo Acosta 235 ix ©International Monetary Fund. Not for Redistribution x STATEMENTS BY GOVERNORS Peru—Luis Alva Castro 203 St. Christopher and Nevis—Kennedy A. Simmonds 176 Solomon Islands—George Kejoa 199 South Africa—B. J. du Plessis 136 Spain—Mariano Rubio Jiménez 72 Sri Lanka—Ronnie de Mel 169 Thailand—Sommai Hoontrakool 178 Tonga—James Cecil Cocker 202 United Kingdom—Ian Stewart 89 United States—James A. Baker III 50 Venezuela—Benito Raúl Losada 85 Western Samoa—Tofilau Eti Alesana 168 Yugoslavia—Vlado Klemencic 163 Zaïre—Djamboleka Loma Okitongono 150 ©International Monetary Fund. Not for Redistribution INTRODUCTORY NOTE The Fortieth Annual Meeting of the Board of Governors of the Interna- tional Monetary Fund was held in Seoul, Korea from October 8 through October 11, 1985, jointly with the Annual Meetings of the Boards of Gov- ernors of the International Bank for Reconstruction and Development, the International Finance Corporation, and the International Development Association. His Excellency, Mamoudou Touré, Governor for Senegal, served as Chairman. These Summary Proceedings include statements, or portions of state- ments, relating to the work of the Fund presented by Governors during the Meetings, resolutions adopted by the Board of Governors of the Fund over the past year, reports, recommendations, or communiqués issued by the Committees of the Board of Governors at the time of the Meetings, and other documents relating to the Meetings. Statements, or portions thereof, relating to the work of the World Bank are omitted from these Summary Proceedings; the insertion of dots (...) within statements indicates where passages have been omitted. Statements not reproduced in these Summary Proceedings may be found in the Summary Proceedings of the Annual Meetings of the Bank and its affiliates, issued separately by the Bank. Statements by the Governors are listed in alphabetical order by country on pages ix and x. A reference list of principal topics discussed in the state- ments is given on pages 313-18, and a list of abbreviations used in the statements and documents is given on page 319. LEO VAN HOUTVEN Secretary International Monetary Fund Washington, D.C. December 30, 1985 xi ©International Monetary Fund. Not for Redistribution This page intentionally left blank ©International Monetary Fund. Not for Redistribution ADDRESS BY THE PRESIDENT OF THE REPUBLIC OF KOREA1 Chun Doo Hwan It is a great pleasure today to witness the opening of the joint Annual Meetings of the World Bank and the International Monetary Fund here in Seoul. On behalf of the Korean people, and in the name of the Govern- ment of the Republic of Korea, I extend to all of you who have come from near and afar, and especially from afar, to visit our country a sincere welcome. First of all, I wish to praise the historic achievements of the two institu- tions in re-establishing anew an economic order out of chaos that prevailed after World War II. We should all appreciate the work of economic recon- struction to which the Bank and the Fund made an indispensable contri- bution. In particular, I have the greatest respect for the individual coun- tries that cooperated closely with the two institutions to overcome the difficult challenges of the postwar era. The Korean people feel that there is a special significance to your forti- eth joint meetings of the Bank and the Fund, because it has been during these forty years that Korea has managed to raise itself from one of the world's most underprivileged and disadvantaged countries to one of the world's most promising and developing.
Load more

Recommended publications
  • Perspectives on the Role of a Central Bank
    hhhd ©International Monetary Fund. Not for Redistribution This page intentionally left blank ©International Monetary Fund. Not for Redistribution ggggs Paul A. Volcker Miguel Mancera Jean Godeaux Proceedings of a conference held in Beijing, China, January 5-7, 1990 People's Bank of China International Monetary Fund United Nations Development Programme Washington, D.C., 1991 ©International Monetary Fund. Not for Redistribution © 1991 International Monetary Fund Cover design by IMF Graphics Section Cataloging-in-Publication Data Perspectives on the role of central bank / Paul A. Volcker, Miguel Mancera, Jean Godeaux [speakers]. — Washington, D.C.: International Monetary Fund, 1991. p. ; cm. Proceedings of a conference held in Beijing, China, Janu- ary 5-7, 1990. Jointly sponsored by: People's Bank of China, Interna- tional Monetary Fund, and United Nations Development Programme. ISBN 1-55775-206-0 1. Banks and banking, Central — Congresses. 2. Monetary policy — Congresses. I. Volcker, Paul A. II. Mancera, Miguel. III. Godeaux, Jean. HG1811.P47 1991 Price: US$12.50 Address orders to: International Monetary Fund, Publication Services 700 19th Street, N.W., Washington, D.C. 20431, U.S.A. Telephone: (202) 623-7430 Telefax: (202) 623-7491 Cable: Interfund ©International Monetary Fund. Not for Redistribution Foreword a1 he International Conference on Central Banking, jointly spon- sored by the People's Bank of China (PBC), the International Monetary Fund (IMF), and the United Nations Development Programme (UNDP), was held at the Diaoyutai State Guesthouse in Beijing, China on January 15-17, 1990. The conference was chaired by Richard D. Erb, Deputy Managing Director of the IMF, and co-chaired by Li Guixian, State Councillor and Governor of the PBC, and Roy D.
    [Show full text]
  • Regional Seminars Support Launch of Coordinated Portfolio Investment Survey N January and February, the IMF’S Statistics Debt (Bonds, Notes, Money Market Instruments)
    IMF Statistics Department Regional seminars support launch of Coordinated Portfolio Investment Survey n January and February, the IMF’s Statistics debt (bonds, notes, money market instruments). It does IDepartment organized five regional seminars for not include the typically less volatile direct investment, country authorities in support of the 2001 which features a more lasting interest between the two Coordinated Portfolio Investment Survey (CPIS). parties, or foreign reserves, which are controlled by the The survey is the second undertaken by the IMF to monetary authorities. improve the measurement of portfolio flows across In response to concerns about asymmetries in global national borders and to deepen understanding of how balance of payments statistics in the late 1980s, an inter- international financial markets operate. The seminars national working party, headed by Baron Jean Godeaux, were designed to explain the purpose and methodol- former Governor of the National Bank of Belgium, rec- ogy of the survey and allow officials who took part in ommended undertaking a coordinated survey of cross- the first survey, held in 1997, to share their experiences border security positions. In the mid-1990s, at the request and insights with first-time participants. of the IMF Committee on Balance of Payments Statistics, Over 70 jurisdictions participated in the seminars then IMF Managing Director Michel Camdessus invited (see box, page 109). The Belgian National Bank hosted major investing countries to participate in the first such two seminars covering the European countries, the survey, organized under the auspices of the IMF, to United States, Canada, the Middle East, and Africa. improve coverage worldwide and spread best practices in The Central Bank of Costa Rica hosted a seminar for compiling data on cross-border portfolio investments.
    [Show full text]
  • Wilfried Loth Building Europe
    Wilfried Loth Building Europe Wilfried Loth Building Europe A History of European Unification Translated by Robert F. Hogg An electronic version of this book is freely available, thanks to the support of libra- ries working with Knowledge Unlatched. KU is a collaborative initiative designed to make high quality books Open Access. More information about the initiative can be found at www.knowledgeunlatched.org This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 4.0 License. For details go to http://creativecommons.org/licenses/by-nc-nd/4.0/. ISBN 978-3-11-042777-6 e-ISBN (PDF) 978-3-11-042481-2 e-ISBN (EPUB) 978-3-11-042488-1 Library of Congress Cataloging-in-Publication Data A CIP catalog record for this book has been applied for at the Library of Congress. Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available in the Internet at http://dnb.dnb.de. © 2015 Walter de Gruyter GmbH, Berlin/Boston Cover image rights: ©UE/Christian Lambiotte Typesetting: Michael Peschke, Berlin Printing: CPI books GmbH, Leck ♾ Printed on acid free paper Printed in Germany www.degruyter.com Table of Contents Abbreviations vii Prologue: Churchill’s Congress 1 Four Driving Forces 1 The Struggle for the Congress 8 Negotiations and Decisions 13 A Milestone 18 1 Foundation Years, 1948–1957 20 The Struggle over the Council of Europe 20 The Emergence of the Coal and Steel Community
    [Show full text]
  • Pdffull Publication
    A Symposium Sponsored By The Federal Reserve Bank of Kansas City CENTRAL BANKING ISSUES IN EMERGING MARKET-ORIENTED ECONOMIES A Symposium Sponsored By The Federal Reserve Bank of Kansas City Jackson Hole, Wyoming August 23-25, 1990 Contents Foreword vii The Contributors ix Symposium Summary xix The Moderators LORD GORDON RICHARDSON, Chairman, Morgan Stanley International JEAN GODEAUX, Former Governor, National Bank of Belgium ISSUES AND OPTIONS The Role of Central Banks 1 PAUL A. VOLCKER, Former Chairman, Board of Governors of the Federal Reserve System Monetary Policy and the Control of Inflation , 9 JOHN W. CROW, Governor, The Bank of Canada Central Banks and the Financial System E. GERALD CORRIGAN, President, The Federal Reserve Bank of New York Currency Convertibility in Eastern Europe C . FRED BERGSTEN, Director, JOHN WILLIAMSON, Senior Fellow, Institute for International Economics iv Conrenrs POLICYMAKERS FROM EASTERN EUROPE AND THE SOVIET UNION Policy Dilemmas of Eastern European Reforms: Notes of an Insider 5 1 VACLAV KLAUS, Minister of Finance, Czechoslovakia Recent Developments in Poland WLADYSLAW BAKA, President, National Bank of Poland Recent Developments in Bulgaria IVAN DRAGNEVSKI, President, National Bank of Bulgaria Recent Developments in Yugoslavia MITJA GASPARI, Deputy Governor, National Bank of Yugoslavia Recent Developments in the Soviet Union 7 5 VICTOR V. GERASHCHENKO, Chaimuzn of the Board, State Bank of the U.S. S. R. Recent Developments in Romania 79 MUGUR ISARESCU, First Secretary, Economic and Monetary Afairs, Embassy of Romania DECEBAL URDEA, Governor, National Bank of Romania Recent Developments in Hungary IMRE TARAFAS, First Deputy President, National Bank of Hungary , Recent Developments in Czechoslovakia JOSEF TOSOVSKY, President, National Bank of Czechoslovakia Contents WESTERN DISCUSSANTS Monetary Policy and the Control of Inflation MARTIN FELDSTEIN, President, National Bureau of Economic Research LAWRENCE A.
    [Show full text]
  • Central Banks in the Age of the Euro This Page Intentionally Left Blank Central Banks in the Age of the Euro
    Central Banks in the Age of the Euro This page intentionally left blank Central Banks in the Age of the Euro Europeanization, Convergence, and Power Edited by Kenneth Dyson and Martin Marcussen 1 3 Great Clarendon Street, Oxford ox2 6dp Oxford University Press is a department of the University of Oxford. It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide in Oxford New York Auckland Cape Town Dar es Salaam Hong Kong Karachi Kuala Lumpur Madrid Melbourne Mexico City Nairobi New Delhi Shanghai Taipei Toronto With offices in Argentina Austria Brazil Chile Czech Republic France Greece Guatemala Hungary Italy Japan Poland Portugal Singapore South Korea Switzerland Thailand Turkey Ukraine Vietnam Oxford is a registered trade mark of Oxford University Press in the UK and in certain other countries Published in the United States by Oxford University Press Inc., New York # The several contributors 2009 The moral rights of the authors have been asserted Database right Oxford University Press (maker) First published 2009 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission in writing of Oxford University Press, or as expressly permitted by law, or under terms agreed with the appropriate reprographics rights organization. Enquiries concerning reproduction outside the scope of the above should be sent to the Rights Department, Oxford University Press, at the address above
    [Show full text]
  • L'entente Personnelle Au Service De L'union Monétaire De L'europe
    DOCTORAT AIX-MARSEILLE UNIVERSITÉ délivré par AIX-MARSEILLE UNIVERSITÉ THÈSE pour obtenir le grade de DOCTEUR D’AIX-MARSEILLE UNIVERSITÉ Formation doctorale : Études germaniques Présentée et soutenue publiquement par Laurence Pellegrini le 20 septembre 2013 TITRE : Les activités du « couple » Valéry Giscard d’Estaing-Helmut Schmidt après 1981/82. L’entente personnelle au service de l’Union monétaire de l’Europe. Directeur de thèse : Professeur Karl-Heinz Götze JURY M. Götze Mme Defrance M. Keller Mme Miard-Delacroix M. Pfeil Résumé La présente thèse de doctorat décrit comment la construction européenne, point de confluence de la démarche politique de Valéry Giscard d’Estaing et d’Helmut Schmidt, a déterminé la poursuite de leur collaboration après 1981/82. Dans ce but, elle se focalise sur les travaux du Comité pour l’Union monétaire de l’Europe, créé à l’initiative de Valéry Giscard d’Estaing et d’Helmut Schmidt en 1986, au lendemain de l’adoption de l’Acte unique européen par leurs successeurs. Quel rôle leur initiative a-t-elle joué sur la constitution du Comité Delors en 1988, chargé d’étudier le projet d’Union économique et monétaire de l’Europe, et, plus lar- gement, sur la mise en œuvre du traité de Maastricht ? L’analyse, en replaçant la conception européenne de Valéry Giscard d’Estaing et d’Helmut Schmidt dans les débats des années 1980 et 1990 entre approches institutionnalistes et intégrationnistes, économistes et monéta- ristes, keynésianistes et ordolibérales, ou encore françaises et allemandes, met à jour les en- jeux du lobbyisme et de l’intégration économique dans le processus de construction euro- péenne.
    [Show full text]
  • 52Nd Annual Report of the Bank for International Settlements
    BANK FOR INTERNATIONAL SETTLEMENTS FIFTY-SECOND ANNUAL REPORT 1st APRIL 1981 - 31st MARCH 1982 BASLE 14th June 1982 TABLE OF CONTENTS Page Introduction 1 I. The Narrow Path of Policy 3 II. Recession, Recovery and Growth: Problems and Policies . 9 Highlights (p. 9); demand and output: short-term developments (p. 10); public-sector problems (p. 13); the US budget (p. 14); the problem of chronic budget deficits (p. 18); the size of the public sector (p. 22); the energy situation (p. 25); fixed investment and slow growth (p. 27); investment and saving (p. 27); the implications of slow growth (p. 32). III. Inflation and Unemployment 35 Highlights (p. 35); recent price developments (p. 36); commodity price shocks, exchange rates and domestic prices (p. 39); wages, productivity and unemployment (p. 43); the inflation/unemployment trade-off (p. 47); employment and labour-force growth (p. 49); labour-market rigidities (p. 51); eradicating inflation: does the end justify the costs? (p. 53); some policy considerations (p. 56). IV. Monetary Policy and the Financial Markets 59 Highlights (p. 59); salient features of recent interest rate developments (p. 60): nominal interest rates (p. 60), the variability of interest rates (p. 63), real interest rates (p. 63), term structure of interest rates (p. 64), interest rates and exchange rates (p. 65); forces underlying interest rate behaviour (p. 66): the stance of monetary policy (p. 67), real money stock (p. 69), income velocity (p. 69), bank credit (p. 71); private-sector financial positions and credit markets (p. 72); government borrowing requirements and the financial markets (p. 73); deregulation and financial innovation (p.
    [Show full text]
  • The Effects of EMU on the Institut Monétaire Luxembourgeois
    Task Force on Economic and Monetary Union Briefing 25 The effects of EMU on the Institut monétaire luxembourgeois Briefing drawn up by the Directorate-General for Committees and Delegations The opinions expressed hereinafter are the author's own and do not necessarily reflect the position of the European Parliament A reform of the law is under way to bring the Luxembourg Monetary Institute into line with the Treaty provisions requiring the independence of central banks Luxembourg, 17 January 1997 PE 166.608 BEL-LUX CONTENTS Page I. The current situation of the IML within the context of EMU..................... 3 II. The Grand Duchy of Luxembourg and its currency: the historical background .................................................... 4 III. Third phase of EMU: the measures called for by the Treaty ...................... 5 Bibliography ................................................................ 7 Author: Heinz-Hermann Elting Editor: Ben Patterson - 2 - PE 166.608 BEL-LUX 1. THE CURRENT SITUATION OF THE INSTITUT MONETAIRE LUXEMBOURGEOIS IN THE CONTEXT OF EMU 1. The transition to the final phase of Economic and Monetary Union will involve ending the currency association with Belgium since all the functions of the association and the rules laid down thereby will have been absorbed by the European Monetary Union. 2. By virtue of the Treaty on European Union and, particularly, the Treaty establishing the European Community, Title VI: 'Economic and Monetary Policy', the Member States are obliged to adapt their national legislation to the requirements for achieving EMU. Luxembourg law in this area comprises the law of 15 March 1979 on currency arrangements and the law of 20 May 1983 setting up the Institut monétaire luxembourgeois (IML) which has the powers of a central bank and constitutes a flexible structure for taking whatever pragmatic action needs to be taken in response to needs as they arise in a changing monetary environment.
    [Show full text]
  • EC COMPANY Law-THE EUROPEAN COMPANY V
    GEORGIA JOURNAL OF INTERNATIONAL AND COMPARATIVE LAW VOLUME 21 1991 NumBER 2 EC COMPANY LAw-THE EUROPEAN COMPANY V. THE EUROPEAN ECONOMIC INTEREST GROUPING AND THE HARMONIZATION OF THE NATIONAL COMPANY LAWS Johan de Bruycker* I. INTRODUCTION Upon the emergence of the European Economic Community (EC or EEC) in 1957,' the Commission of the European Community and the respective business communities realized that the existing differ- ences between the company laws of each signatory nation formed a barrier against the creation of a Common Market as prescribed in the Treaty of Rome. 2 The creation of a Common Market mandates that companies be able to easily engage in transnational transactions * Attorney, DeBandt, Van Hecke & Lagae, Brussels, Belgium. J.D. 1987, Uni- versity of Ghent; LL.M. 1990, University of Georgia. Member, Belgium Bar. I The Treaty of Rome establishing the European Economic Community (EEC) was signed on March 25, 1957 and went into effect on January 1, 1958. The six signatory countries were the Federal Republic of Germany, France, Italy, Belgium, Luxembourg, and The Netherlands. Treaty Establishing the European Economic Community, Mar. 25, 1957, 298 U.N.T.S. 3 [hereinafter EEC Treaty]. 2 The basic principles creating the Common Market as expressed in article 2 of the Treaty of Rome have been reaffirmed in the Single European Act. See 30 O.J. EuR. Com. (No. L 169) 1 (1987) [hereinafter Single European Act]. Article 2 of the EEC Treaty provides: It shall be the aim of the Community, by establishing a Common Market and progressively approximating the economic policies of Member States, to promote throughout the Community a harmonious development of ec- onomic activities, a continuous and balanced expansion, an increase in stability, an accelerated raising of the standard of living and closer relations between its Member States.
    [Show full text]