Recent events in the international monetary system culminating in the decision of the United States, announced on August 15, 1971, to suspend
the convertibility of the dollar induce the international lawyer to ask once again what contribution sanctions can make to respect for international law and the effectiveness of multilateral treaties. This question has been a practical problem at two stages in the development of the International Monetary Fund. It arose first during the negotiation and drafting of the original Articles of Agreement which were adopted at the Bretton Woods Conference in July 1944. The second stage was the negotiation and drafting
of the amendment of July 28, 1969, which dealt mainly with the legal structure of special drawing rights as a supplement to existing reserve assets. It is now apparent that there will be a third stage, in which a reform
of the international monetary system, perhaps in some of its most fundamental aspects, will lead to a further amendment of the Fund's charter.
Un résumé des lignes de force du système monétaire international actuel