IMF Balance-of-Payments Lending and the Bretton Woods Monetary System (1947–1971)

1. IMF begins financial operations

   Mar 1, 1947Labels: IMF, Bretton Woods

   • IMF Timeline
   • IMF Overview

2. France makes first IMF drawing

   May 8, 1947Labels: France, IMF

   • IMF Overview
   • IMF Timeline

3. Marshall Plan enacted to support recovery

   Apr 3, 1948Labels: Marshall Plan, United States

   • Britannica
   • Marshall Fdn

4. European Payments Union starts multilateral clearing

   Jul 1, 1950Labels: European Payments, Western Europe

   • EBSCO
   • CVCE

5. IMF creates Stand-By Arrangement lending tool

   Jun 1, 1952Labels: Stand-By Arrangement, IMF

   • IMF SBA
   • State Dept

6. European Monetary Agreement signed as successor framework

   Aug 5, 1955Labels: European Monetary, Europe

   • CVCE EMA
   • UK Hansard

7. Major European currencies restore IMF Article VIII convertibility

   Dec 27, 1958Labels: Article VIII, Major Currencies

   • CVCE Chronology
   • Cambridge UP

8. London Gold Pool formed to defend $35 gold price

   Nov 1, 1961Labels: London Gold, Central Banks

   • Gold Pool
   • LBMA

9. GAB created to expand IMF emergency resources

   Jan 8, 1962Labels: General Arrangements, IMF

   • State Dept
   • IMF GAB

10. United Kingdom devalues sterling under external pressure

    Nov 18, 1967Labels: United Kingdom, Sterling

    • EHR Article
    • Sterling 1967

11. London Gold Pool collapses and two-tier market begins

    Mar 1, 1968Labels: London Gold, Two-tier Market

    • LBMA
    • Gold Pool

12. IMF members create Special Drawing Rights

    Jan 1, 1969Labels: Special Drawing, IMF

    • UN SDRs
    • SDR Overview

13. Nixon suspends dollar convertibility into gold

    Aug 15, 1971Labels: United States, Gold Window

    • Fed History
    • Nixon Shock

14. Smithsonian Agreement attempts to realign and preserve fixed rates

    Dec 18, 1971Labels: Smithsonian Agreement, Major Economies

    • Fed History
    • Smithsonian