International Monetary and Economic Conferences

The international monetary and economic conferences were a series of gatherings held in the last third of the 19th century and the first half of the 20th century, culminating in the

order.

Background

The disorganized state of the European currencies in the mid-19th century, which became more serious in consequence of the great expansion in trade and industry, came into notice through great gold discoveries such as the California gold rush, and their effect on the relative price of the two precious metals gold and silver. France in 1865 fostered the Latin Monetary Union, whereby its currency and those of Belgium, Italy and Switzerland were unified in respect to their gold and silver coins.^[1] The conferences, initially promoted by French statesman Félix Esquirou de Parieu, were an attempt to build on this initial step to secure reforms by concerted international action.

Conferences

The successive conferences were:

• the original International Monetary Conference in Paris (1867; 19 participating jurisdictions)
• the second International Monetary Conference in Paris (1878; 10 participating jurisdictions)
• the third International Monetary Conference in Paris (1881; 15 participating jurisdictions)
• the fourth International Monetary Conference in Brussels (1892; 20 participating jurisdictions)
• the International Financial Conference in Brussels (1920; 39 participating jurisdictions)
• the Economic and Financial Conference in Genoa (1922; 34 participating jurisdictions)
• the World Economic Conference in Geneva (1927; 46 participating jurisdictions)
• the World Economic Conference in London (1933; 66 participating jurisdictions)
• the United Nations Monetary and Financial Conference in Bretton Woods, New Hampshire (1944; 44 participating jurisdictions)

The first conference in Paris essentially paved the way for the generalization of the gold standard, in line with Parieu's policy views. Monetary conditions changed radically in the early 1870s, however, and the next conferences were unsuccessful attempts driven by the United States to restore the fortunes of bimetallism.^[2] That endeavor was eventually rendered redundant by the general shift to gold standard.^[3]: 70 The late 19th century was also a time of rapid development of commercial banking in continental Europe, which led to issues of credit being considered alongside narrowly defined currency matters. At the Brussels conference in 1892, German academic Julius Wolff submitted a blueprint for an international currency that would be used for emergency lending to national central banks and would be issued by an institution based in a neutral country.^[4]: 21

An

In the interwar era conferences, the most sensitive issues among great powers – namely, inter-allied war debts and World War I reparations – were kept off the international conferences' agendas. These issues were addressed instead in a separate cycle of gatherings in smaller format, including the Cannes Conference in 1922, the negotiation of the Dawes Plan in 1924, the Hague conference in 1929-1930 (whose lasting legacy was the Bank for International Settlements that started shortly afterwards in Basel), and the Lausanne Conference in 1932.

Aftermath

The international monetary and economic conferences ultimately failed because they lacked a

would ensure a better governance of the global monetary, financial and economic system.

In 1954, private bankers convened an International Monetary Conference, which has been held on a yearly basis since then. Officials are invited to speak at that gathering, which is not public and of an entirely different nature from the prior conferences of the same name.

See also

• Tripartite Agreement of 1936
• London Agreement on German External Debts
• International Sanitary Conferences
• First International Statistical Congress

Notes

References

•  This article incorporates text from a publication now in the public domain: Charles Francis Bastable (1911). "Monetary Conferences". In Chisholm, Hugh (ed.). Encyclopædia Britannica (11th ed.). Cambridge University Press. This work in turn cites:

Russell, Henry B. (1898). International Monetary Conferences: Their Purposes, Character and Results With a Study of the Conditions of Currency and Finance in Europe and America During Intervening Periods , And In Their Relation to International Action. New York: Harper & Brothers Publishers – via Internet Archive..