The Articles of Agreement of the International Monetary Fund (IMF Agreement)1 were negotiated at the Conference of Bretton Woods (1944). The IMF was established to ensure a stable international monetary system as a basis of international trade and capital movements, to foster a sound economic growth and to contribute to a stable monetary regime of Member States (Article IV, section 1 first sentence of the IMF Agreement). Its main functions are twofold: Under the IMF Agreement, stable exchange currency arrangements and the free convertibility of currencies are...
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