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The New Economic Policy and United States International Obligations

Published online by Cambridge University Press:  28 March 2017

John H. Jackson
John H. Jackson *
Affiliation:
University of Michigan
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Notes and Comments
Information
American Journal of International Law , Volume 66 , Issue 1 , January 1972 , pp. 110 - 118
Copyright
Copyright © American Society of International Law 1972

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References

1 President Nixon’s Address, Aug. 15, 1971, at 9:00 p.m., from the White House, 65 Dept. of State Bulletin 253 (1971); Exec. Order No. 11615; and Proclamation 4074 Imposing 10 percent Supplemental Duty on Imports, 65 Dept. of State Bulletin 256 (1971). No attempt will be made here to discuss the legal problems of the President’s measures under domestic U.S. law.

2 See Jackson, World Trade and the Law of GATT 711 ff. (Bobbs-Merrill, 1969). GATT Docs. COM. TD/F/W/3 (May, 1965); B.I.S.D., 3d Supp. 26; B.I.S.D., 11th Supp. 57; L/2285.

3 Jackson, op. cit. 713.

4 Ibid. 714.

5 GATT Press Releases Aug. 26, and Sept. 16, 1971. 23 International Financial News Survey 277 (No. 35, Sept. 8, 1971), and 302 (No. 37, Sept. 22, 1971). Subsequently to the U.S. action, Denmark also imposed a surcharge for BOP reasons.

Under GATT Art. XV, the Contracting Parties of GATT are required to accept findings of “statistical and other facts presented by the Fund relating to foreign exchange, monetary reserves, and balances of payments . . .”

6 Jackson, op. cit. 285.

7 Ibid.; GATT Docs. L/695 (1957), L/740 (1957), L/875 (1958), SR.18/4, p. 43 (1961), B.I.S.D., 7th Supp., pp. 23, 60.

8 Jackson, op. cit. 297; Docs. E/Conf. 2/C. 3/A/W. 32, p. 1; E/Conf. 2/C. 3/SR, 13, p. 1.

9 23 International Financial News Survey, Nos. 33 & 34 (Aug. 25 & Sept. 1, 1971).

10 See Gold, , “Unauthorized Changes in Par Value and Fluctuating Exchange Rates in the Bretton Woods System,” 65 A.J.I.L. 113 (1971)Google Scholar.

11 A survey of practice can be found in de Vries, , “Fund Members’ Adherence to the Par Value Regime: Empirical Evidence,” 13 IMF Staff Papers 504 (1966)Google Scholar.

12 This policy was apparently applied only in the case of developing countries, see II The International Monetary Fund 1945–1965 at 169.

13 Doc. EPCT/TAC/PV. 13 at 40 (1947).

14 Mundell, quoted in Snider, Optimum Adjustment Processes and Currency Areas (Princeton Essays in International Finance, No. 62, 1967).