Koordynacja polityki walutowej w skali międzynarodowej i regionalnej (na przykładzie MFW i EWG)

Abstract

Coordination of the monetary policy on the international and regional scale was analyzed by the author against the background of the operation of the international monetary system and the accoopllshMent of goals of the economic policy pursued by the member countries of the International Monetary Fund and the European Economic Community. The framework for coordination of ehe monetary policy on the International scale is provided by the provisions of the agreement on the IMF, especially rules concerning concerning currency exchange rates and supervision of the Fund over the monetary policy of its members. On the other hand, the rules for coordinating the monetary policy of the EEC countries are contained In relevant provisions of the Treaty of Нов» and the principles of operation of the European Monetary System. The article discusses main forms and methods of coordinating the monetary policy and their implications for the monetary policy of the member countries of the IMF and the EEC. There was also performed some evaluation of the effectiveness of this coordination. In particular. It was pointed out that it was easiest to coordinate the monetary policy within the EEC. The coordination of the monetary policy at the IMF level prevented monetary crises and it was contributing to a bigger order in the International monetary relations. Within the EEC, the most effective form of coordination of the monetary policy proved tp be the currency exchange and Credit mechanism of the European Monetary System. Its legal functioning is safeguarded by the central banks in the EEC countries. Since 1985 a new form of coordinating the monetary policy on the international scale have been periodical meetings of the countries belonging to Croup 5 and Group 7. There should be noted the agreement reached by Croup 5 in September 1985 concerning the lowering of the US dollar exchange rate and the agreement of Group 7 from February 1987 about fixing admissible margins of deviations of the exchange rates of the main convertible currencies, as well as Joint interventions undertaken on the money markets during the periods of tensions on them. The decisions concerning the coordination of the monetary policy taken by the countries belonging to Group 7 strengthen the position of these countries in the international monetary relations.