Second Amendment of the Articles of Agreement of the International Monetary Fund

E1013104

The Second Amendment of the Articles of Agreement of the International Monetary Fund is a major 1970s reform package that overhauled the IMF’s legal framework, including ending the formal gold standard and redefining members’ exchange rate and reserve asset arrangements.

All labels observed (1)

How this entity was disambiguated

Statements (49)

Predicate Object
instanceOf international monetary reform ⓘ
legal instrument ⓘ
treaty amendment ⓘ
abolishes formal gold standard in the IMF ⓘ
obligation to maintain par values in terms of gold or US dollar ⓘ
official gold par value obligations of members ⓘ
adoptedBy Board of Governors of the International Monetary Fund ⓘ
member countries of the International Monetary Fund ⓘ
adoptionDecidedBy IMF Board of Governors Resolution ⓘ
affects obligations of IMF members regarding exchange arrangements ⓘ
use of IMF resources by members ⓘ
aimsAt adapting IMF to post–Bretton Woods environment ⓘ
greater flexibility in exchange rate arrangements ⓘ
reducing role of gold in the international monetary system ⓘ
strengthening SDR as a reserve asset ⓘ
appliesTo Articles of Agreement of the International Monetary Fund ⓘ
assigns IMF surveillance over members’ exchange rate policies ⓘ
authorizes restitution of gold to IMF members ⓘ
sale of IMF gold holdings ⓘ
bindingOn all IMF member countries ⓘ
creates new Article IV of the IMF Articles of Agreement ⓘ
declares Special Drawing Rights as the principal reserve asset of the international monetary system ⓘ
enteredIntoForceOn 1978 ⓘ
follows collapse of the Bretton Woods par value system ⓘ
language English ⓘ
French ⓘ
Spanish ⓘ
other official IMF languages ⓘ
legalFrameworkOf International Monetary Fund ⓘ
modifies IMF financial operations framework ⓘ
IMF quota and voting provisions ⓘ
rules on allocation of Special Drawing Rights ⓘ
overhauls IMF legal framework ⓘ
partOf post–Bretton Woods monetary reform ⓘ
precededBy First Amendment of the Articles of Agreement of the International Monetary Fund ⓘ
prohibits establishment of par values in terms of gold ⓘ
obligatory use of gold in transactions with the IMF ⓘ
use of gold as a denominator of the SDR ⓘ
recognizes right of members to choose their exchange rate arrangements ⓘ
redefines role of Special Drawing Rights ⓘ
reforms exchange rate regime under the IMF ⓘ
international monetary system ⓘ
reserve asset system under the IMF ⓘ
replaces par value system with a system of exchange rate flexibility ⓘ
requires members to avoid manipulating exchange rates ⓘ
members to promote a stable system of exchange rates ⓘ
members to pursue orderly economic growth with reasonable price stability ⓘ
strengthens IMF surveillance function ⓘ
timePeriod 1970s ⓘ

How these facts were elicited

Referenced by (2)

Full triples — surface form annotated when it differs from this entity's canonical label.

Articles of Agreement of the International Monetary Fund → amendedBy → Second Amendment of the Articles of Agreement of the International Monetary Fund ⓘ
Third Amendment of the Articles of Agreement of the International Monetary Fund → precededBy → Second Amendment of the Articles of Agreement of the International Monetary Fund ⓘ