(1) Keynesian plan
Keynes's plan is the result of perfecting the plan put forward by Keynes in his book Monetary Theory in 1930, which was officially published in 1943. Its main contents are:
Establish an international clearing union and adopt an "overdraft system"; Establish an international credit currency-"Banco" as an international settlement unit; Member States open current accounts in the alliance, but they can only be used to buy goods from other countries or invest abroad, and cannot exchange gold and cash with the alliance; Creditors are responsible for adjusting the imbalance of international payments; In exercising its supervisory power, the Union should be careful not to let creditor countries interfere in the policies of debtor countries.
The plan is based on the position of Britain, which often runs deficits, and focuses on providing international guarantee for domestic full employment policy. The foreign currency value of currency can be adjusted according to the needs of domestic policies, and the local currency value is not bound by the foreign currency value.
(2) White Plan
The United States, on the other hand, from the standpoint of creditor countries, hopes to take measures against trade restrictions, trade discrimination and excessive free use of international credit. The White Plan 194 1 was drafted by American economist White, and its main contents are as follows:
Establish the International Monetary Fund to stabilize national currencies; In order to stabilize the exchange rates of member countries, the IMF plans to set up a monetary unit "UNITA", which can be transferred among member countries; Using the fixed exchange rate system, the currencies of member countries must maintain a fixed price relationship with UNITA, and the currencies of member countries must not depreciate at will; When dealing with the temporary balance of payments deficit, member countries can buy the required foreign currency from the IMF in their own currencies, but the amount is limited; Member States must abolish foreign exchange controls; The management of the fund is decided by the voting of member countries, and the voting right in the fund is determined according to the share of each country; The fund office is located in the country with the largest share.
The United States can control the fund by virtue of its strength, and the fund is a completely different organization from the liquidation alliance proposed in the Keynesian plan of the United Kingdom. The clearing union is self-operated, so the member governments are not allowed to have sufficient disposal rights in the balance of payments policy. The White Plan is to establish an international institution under the control of the member governments. Due to the economic advantage of the United States, this proposal of the White Plan became the basis of discussion.
The White Plan is the "United Nations Stabilization Fund Plan" proposed by White, assistant to the US Treasury Secretary. Its main contents are:
International financing
1. Based on the fund system. The fund is at least $5 billion, which shall be paid by the member countries in accordance with the prescribed share. The share is determined by the gold foreign exchange reserves, balance of payments and national income of member countries.
The fund currency is linked to the US dollar and gold. The monetary unit used in the fund is UNITA, and each UNITA is equal to US$ 65,438+00 or contains 65,438+037 grains of pure gold (65,438+0 grains =0.0648 g of pure gold).
3. The voting right depends on the share paid by the member states. The right to speak and vote in the IMF is directly proportional to the fund shares paid by member countries.
4. Stabilize the currency exchange rate. The currencies of member countries should maintain a fixed parity with UNITA, and the currencies of member countries should not depreciate without the approval of three-quarters of the voting rights of IMF member countries.
5. Abolish discriminatory measures such as foreign exchange control, bilateral settlement and revaluation.
6. Adjust the balance of payments. Provide short-term credit to member countries to solve the balance of payments deficit.
The office of the Fund is located in the country with the largest share.
The White Plan attempts to control the "United Nations Stability Fund" by the United States, so that the currencies of member countries are "linked" to the US dollar through the "Fund". The plan is also based on the abolition of foreign exchange control and international capital transfer restrictions in various countries.
Keynes Plan is the "International Settlement Union Plan" drawn up by Keynes, an adviser to the British Treasury. Its main contents are as follows:
(l) Establish an "international settlement union" equivalent to the World Bank.
(2) Central banks of member countries open current accounts in the Union, through which the official external creditor's rights and debts of various countries are settled by transfer.
(3) Surplus countries deposit their surpluses into accounts, while deficit countries can apply to the Union for overdraft or deposit their shares according to regulations.
(4) The bookkeeping unit of "Alliance" account is "Bancor", and its value is calculated in gold. Member States can exchange gold for "Banco", but they cannot exchange "Banco" for gold.
(5) The currencies of all countries are denominated in "Banco" and cannot be changed without the approval of the Union Council.
(6) The share of the members of the "Alliance" is calculated according to 75% of the average import and export trade volume in the three years before the war.
(7) The "Alliance" is headquartered in London and new york, and the board meetings are held alternately in Britain and the United States.
The Keith plan was based on the plight of Britain at that time, trying to minimize the role of gold. This plan actually advocates the resumption of multilateral settlement and the cancellation of bilateral settlement. Of course, it also exposed Britain's intention to share international financial leadership with the United States ~