Abstract
In the Articles of Agreement of the International Monetary Fund (IMF) the steadily growing feeling generated by the frustrating confusion of the interwar period that the world needed some kind of orderly institutionalization of international payments relations at last found a formal expression. As early as 1930 John Maynard Keynes suggested “the management of the value of gold by a Supernational Authority, with a number of national monetary systems clustering round it.…” Keynes was fully aware of the political implications of this suggestion. He realized the significance for international cooperation of “a cabinet of Central Banks who would hold the sovereign power.” The timid attempts toward establishing in the monetary sphere effective international collaboration in the interwar period were frustrated by political considerations.
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