The Fund has the right at all times to communicate, informally, to each member, its views on all issues raised by this agreement. The Fund may decide, by a majority of 70% of the vote, to publish a report to a member on its monetary or economic conditions and developments, which directly leads to a serious imbalance in the international balance of payments of members. The member concerned is entitled to representation in accordance with Section 3, Point J) of this article. The Fund does not publish a report on changes in the basic structure of the members` economic organization. When a member withdraws from the Fund, the Fund`s normal operations and operations are interrupted in its currency and the settlement of all accounts between the Fund and the Fund is carried out by appropriate agreement between the Fund and the Fund. In the absence of agreement, the provisions of Schedule J apply to the count. 4 Article IV before modification, in this article is referred to as “old” Article IV. For a general discussion on the face value system of the old Article IV see Gold, , The legal structure of the nominal value system, 5 Law and Pol. Int`L. bus. 155 (1973) Google Scholar. See also the IMF, The Role of Exchange Rates in the Adjustment of International Payments: A Report by the Executive Directors (1970). 8 The following European countries have accepted the convertibility obligations set out in Sections 2, 3 and 4 of Article VIII of the IMF Agreement effective 15 February 1961: Belgium, France, the Federal Republic of Germany, Ireland, Italy, Luxembourg, the Netherlands, Sweden and the United Kingdom.
By July 1976, 43 countries had accepted Article VIII convertibility obligations, which prohibit monetary restrictions on settlements and transfers, taking into account ongoing international transactions. In the 1960s, members of the Organisation for Economic Co-operation and Development (OECD) and other countries also reduced restrictions on capital movements. In the event of a suspension of a member`s voting rights under Article XXVI, paragraph 2, point b), the following provisions apply: all these measures, which allow both a “decrease” in the exchange rate and various measures that have stopped or delayed a decline, involve “manipulation” of an exchange rate, as used in subsection iii). (a) Subject to the provisions of Article VII, paragraph 3, paragraph b), and Article XIV, Section 2, no member imposes restrictions on the payment and transfer of payments and deferrals for ongoing international transactions without the agreement of the Caisse. 1. If the remaining commitment to be pending after the imposition pursuant to Article XXIV, point b), is notified to the terminating participant and if the agreement on liquidation between the Fund and the terminating member is not reached within six months of the termination date, the Fund terminates this balance of special drawing rights in equal semi-annual tranches within a maximum of five years from the closing date. The Fund maintains this balance, as it determines: (a) by paying the terminated member the sums made available by other fund participants in accordance with Article XXIV, Section 5, or (b) by allowing the terminating subscriber to use his special drawing rights to obtain his own currency or currency freely usable from a participant designated by the Fund. , the general resource account or another owner. 3 For the text of the new Article IV and Appendix C, see Appendix I and II of this article, Infra 759-62.
In addition to the obligations arising from other provisions of this agreement, each member assumes the obligations under this article. 38 While the article I clauses of the IMF agreement do not refer to capital movements and Article VI authorizes restrictions on capital movements, the pre-ambulatory language of the new Article IV indicates that a “essential objective” of the international monetary system is to create a framework to facilitate the exchange of capital.