Abstract
This article questions the reflection that gave birth to Keynes’ proposals for an International Clearing Union in 1941. The Keynes Plan rests on the intertwining of two intellectual advances. The first was drawn from Keynes’ analysis of the international context inherited from the 1930s and the disruption of international payments. The clearing agreements first developed by Germany in 1931 were pioneering experiences in Europe that contributed to the generalisation of exchange controls and clearing offices. The second advance is related to the original Keynesian understanding of the “banking principle”, which Keynes wanted to transpose at the international level. Keynes revamped the clearing agreements in force in Europe during the 1930s to set out the International Clearing Union.
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