International monetary fund and the group of ten certain legal aspects

Abstract

In this paper we have first studied the constituent instruments of the Borrowing Scheme and the status of the parties thereto, Next, we have studied internal laws governing two of the parties to the Borrowing Scheme, which are central banks of their respective Countries. Third, we have studied the final clause of Paragraph 3(c) of the borrowing Scheme, to see whether it has obligated the Group of ten to give the force of law to the contents of the Borrowing Scheme in their respective Countries. We have then, in the Forth Chapter, dealt with the actual machinery of the Borrowing Scheme. It is I this Chapter that we shall see how the Borrowing Scheme works in practice, and what are the procedures to be followed, before any “borrowing arrangement” can be worked out. The last Chapter deals with the voting machinery of the Borrowing Scheme. Although in this Chapter an attempt has been made to describe the mechanism of the voting of the Borrowing Scheme, yet the main objective has been the identification of the legal effects which it could bring about.