International Clearing Union
The International United Nations Monetary and Financial Conference at Bretton Woods, New Hampshire, in the United States, by British economist John Maynard Keynes. Its aim was to establish regulation of currency exchange, a role eventually taken by the International Monetary Fund (IMF).
The International Clearing Union (ICU) would be a global bank whose role would be the clearance of trade between nations, similar to a
Reserve Fund
. In the case of an excessively negative bancor balance, their currency’s exchange rate would be lowered, making imports more expensive and exports cheaper. In this way nations would be encouraged to buy other nations’ products.
Gold and national currency would no longer be used in international trade and no longer move between countries.
See also
- Asian Clearing Union
- Bancor
- Bank for International Settlements
- European Payments Union
- E. F. Schumacher
External links
- International Clearing Union, House of Lords Hansard, 18 May 1943 vol. 127 cc520-64.
- George Monbiot on an International Clearing Union
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