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The Bretton Woods Agreement Article Viii, Sec. 2 (b)

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As to Article VIII, sec 2 (b), (1) of the Bretton Woods Agreement (see Appendix (11) for text) it is comparatively easy to ascertain the negative, what the Article does not say: The Article does not say that any contract or performance which is contrary to any rule of the monetary restrictive system of any member shall be unenforceable Most certainly, nothing like this has been said in express words, and it would also have been very strange to incorporate such words in an Agreement which aims at establishing monetary freedom However, there are some learned writers on modern Monetary Law who try to interpret the actual Article VIII in such a way that it amounts to more or less such a result 1) These writers base their arguments on what they imagine was the intention, viz to give the whole system of modern restrictive systems a certain effectiveness through international cooperation Now, even if such an intention could be shown I submit that it cannot be taken into account, as it has not been expressed in words This must be particularly so in an Inteinational Agreement of this nature where supposedly every word has been weighed carefully Furthermore, there is no evidence of such an intention As to the positive contents of the words I submit that they represent a clear and definite, but rather narrow technical concept

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/content/journals/10.1163/157181055x00287
1955-01-01
2016-12-07

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