1973-TTC-Triangle Papers 1 - Towards a Renovated World Monetary System

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  • 8/8/2019 1973-TTC-Triangle Papers 1 - Towards a Renovated World Monetary System

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    ! THE TRIANGLE PAPERS: 1

    T O WA R D S A R E N O VAT E D

    WORLD MONETARY SYSTEM

    Motoo Kaji Richard N. Cooper Claudio Segr

    PROFESSOR PROVOST BANKERTokyo University Yale University Paris

    The Trilateral Commission

    A Private American-European-Japanese

    Initiative on Matters of Common Concern

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    This Report has been prepared for the Trilateral Commission and

    is published under its auspices. It was discussed at the Trilateral

    Executive Committee meeting, held in Tokyo on October 22-23,

    1973, and the Executive Committee in its communique agreed

    that the report of the task force on monetary problems is an im-

    portant contribution and urged members of the Commission and

    the broader public to consider its proposals. The authors, who are

    experts from Western Europe, Japan, and North America, have

    been free to present their own views. The Commission will utilize

    the Report in making any proposals or recommendations of its

    own. It is making the Report available for wider distribution as a

    contribution to informed discussion and handling of the issues

    treated.

    The Trilateral Commission was formed in 1973 by private cit-

    izens of Western Europe, Japan, and North America to foster

    closer cooperation among these three regions on common prob-

    lems. It seeks to improve public understanding of such problems.

    to support proposals for handling them jointly, and to nurture

    habits and practices of working together among these regions.

    THE TRILATERAL COMMISSION

    c/o European Community

    Institute for

    University Studies

    Rue de Trves 47

    1040 Brussels, Belgium

    345 East 46th Street

    New York, N. Y. 10017

    c/o Japan Center for

    International Exchange

    8-4-3, Akasaka

    Minato-ku

    Tokyo, Japan

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    *+*#*"*"* *H(A( ' '=!!A("'!' ' (TH& ' ! ''" ' " $ H & ' '! "= & ' $ ('A' =! " &( '$ ; ( ' $ ( (( " ' ' ' $ H &'!''B((1'3 =

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    ? " - ( ' ( =(!'''((($/ ( ( ' '( ' ' = ' (( &'& ' '! (' $ ;

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    ( ' &' (!$ '& ' !! (( '!!(&'!$

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    '!!(! '( ( '' ' ' $ 7&*=*( ! ! ''! ' '! " &( ( ' ' '(!=( ' '$

    #

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    +******* '' "' ! ''' !!&&'!$!'&('(( '&$C&( '! * A (='(!''!((&(' '$ H'" & & ' =

    !$ ' ( ' ' ! ( (! ( ' " & (& ( ('=("&'($H'"(!I

    $ (C("L

    $ (''''(L

    $ '='('L

    :$ (('=((!"L$ '&'(!$

    .

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    &( C( ' !&('&''$

    H ' &' 1= 3 ( =(!(&((&$

    H&& ' && '! & =* ;' &' '! ( (' " ( C( ' C(" && &= $;& '('&'!''( ' "F ( ( (( ' C=("$

    !.9

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    '''($4'A((&'!'$-$&'($

    C( ( '((& && =& ! '

    ('!&&C(&C'(&!&= (( ((! ' A ! $

    8 '' ' ' '( ' ' ! '' ''' '&''! ' ' A !$ ; ' 1 =3(' ''!( " &!=('!$ (' " ! >((&(('

    ('A!($

    #.0"/9 ''$(>=' 5'' &' U*' ' '!*OCU' ' '((!O =( U ' ' ( ( ( ! ' !$ -( "'' ' ' 4 ( !& ( ' ' ( (= ! ( ! & & & ( (!$ > ( (' '

    #6

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    '''( !'! 9& 6!$ ''!>'== =(' !(& '=!$

    ! ( &( ' ' C( " ( ' '! & $ ( ' (' ' (' = ( (!((&!!=B !(!&((''(!'(!$

    6.0

    ((!" (' '!! ' & ($ ! =(& ! $ ;( ((!" ' !& ( &' ( O ' A' (='!(' !(&' $ =((!" & ( & = ' " !( ( '! '( ='4'('&($

    & ' ! ='(&'"$

    ( ' ' &( =( (!" ( =(!(''&' (L('' ' &''!=(' ' V((!" (( (' (('''(($ ( =" !

    (= &&' =(' "'! ( (& & ( & " &( '= (' '& &!('&"!$

    H' ((!" ' (!&(($;'' ='('!''! 0 ? 2! 0 !!

    #7

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    *?0$ ( ' ''& $ '(' " ' ( B '! (&= !(''!""& (&=(=

    (! " ' &' ! ' &'( ' ' ! '( ' ' ' =A '( !&(' '! ( "!$ ( ' ( '! &!('(' &( ( " ( !& " ( B (' &' ' ' =( (! ' =($

    7.19)

    &('"'' && ' & ($ H '! ( ' ' (!B(('(($ 9'(' &(''(' '! ( ( '( = & (&' ( &( $ =

    '" ''! ' ' (' !'''' ( ( ' '!' ( (! B ' (=("&'!'(!$

    , ! !&(' '' !$ ' &'! ( ('(('$ + 0 * $ ! ! 0? * *

    ! 0 ? *

    $ -(''A&& (%+= & (' & ' ( ''$-''&"&('!='''($(!&('&'&!('$ =('''&&('B((=( ! ' " ' (

    ("''&(((($

    #8

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    (' ' '' A !(&(!&(&(' &(=" ' & ($ ;! ! (' " ' '! '$'&" =

    A' ' ' ! &( ' (! !(&(&&$H' 1(&' 3 (' " ' ' ' & (( ' & '& ($ ('(A'I'U''(''('& '! ( & " $ ?' ' ' &= ( ''! ! ( ' ( &' &( ' "-75=('&(((!6!$- ' '

    ( ' ( ! ! & ( & ' C(('&((' ' ' ' ' ' & ( $ ?' ''('&&''( ( ' (( ! # &( ' =&&C('$

    & " &((('!!("('=& ! ( '' '

    (=( '"B =&('''$

    #&

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    #4

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    ;@*0778AB+-0

    ?(1-(=??(-0( 110.-/(-

    =/1-1+1

    ,0+(

    ))W$H$')7$ C)*

    !?''D*)*7#6;$D!5*96$("' +$)' ?H$;''/

    5'';''5"/0!

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    ('$7+*1!97-"$$ ,'!7$7'$9C*+?> #0

    W)("9$,! (!H''$,"1 ',("(!*-"$,!

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    )W?'')>2()69&6=!);)5'?65&69&

    6!$$W;(;L)!2Y'=

    >(;6&!7(;9Z=6(";'6(''7'!L)8 =

    ?''!

    ';99(=6'67(->8'-(()' =A

    6'7(6-(()'(!967?6')')((6&-(!-!44(A>();A))!;)'7'6>(9'((!;;!7((>)>('-((!-5!?67'&,'ZWC)9&6!!-;

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    9'?!L)

    ;7(!,`$?$-9=67J!'-

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    -[>")!8-(8?).6&,>\L

    >(-,6;""!'(5!()-"

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    (8"!)b&

    (-"7(85(('!9(("-"6>B;"(