MONETARY ISSUES APPROACHED AT INTERWAR INTERNATIONAL CONFERENCES Abstract Having

registered during the previous century an evolution devoid of majorcrises, the world economy would
be grieviously affected by the outbreak of WorldWar H. This would trigger a number of monetary
measures in all countries. It wouldalso lead to the suppression of the gold standard and bring forth a
substantial modification of both internal monetary regimes and international monetary practice. The
basical condition to rebuild postwar economy was the restoring of thenational and international
monetary balance, while the inherent international dimension of the deriving issues called for
debates on monetary aspects within theframework of inter-governmental reunions. The financial
international conference of Brussels (24 September 8October 1920) was to be the first event in the
postwar period to gather 39 formerlybelligerent or neutral countries. Although the experts who
attended it were lackingthe power of decision, the conference would appraise nevertheless the
postwarmonetary situation and assess a general trend in favour of the restoration of thegold
standard. The establishment of the economic and financial organization of theSociety of Nations also
counted among its results. The Conference of Geneva (10 April 19 May 1922) which gathered
33states was meant to focus on the rebuilding of the European economy. Even iffailing to produce a
general plan in this respect, the conference resulted in theconsistent application of the principles of
the gold exchange standard throughout the monetary reforms of 1923-1929. 117 Dobrovici, Gh. M.,
op.c.it., p. 229. 118 Kintescu, Costin C., Moneda..., p. 96, 285-288. 119 Patenôtre, Raymond, op.cit.,
p. 136. www.dacoromanica.ro 88 Corncliu Olaru 28Under the circumstances created by the interwar
period, the gold exchangestandard, a formal expression of the gold standard, ensured a temporary
monetarystability in countries acting along this principle and rendered possible theirmonetary
connection to the international exchange circuits. Basically, the goldexchange standard marked a
first ethap in the demonetization of gold, thedissociation between internal and international
monetary circulation, the cominginto being of a 'monetary feudality.' The world economic crisis
which followedafter 1929 affected to a considerable extent the bases of the system set up inGeneva
and is liable to explain the interest exhibited in an international approachto the monetary issue: the
Delegation of Gold, the Conference of Lausanne (JuneJuly 1932), the Conference of Stresa
(September 1932), the PreparatoryCommittee for the Conference of London, the agreements of
Washington (April1933) would pave the way for the oncoming world conference.
Debateshighlighted a chasm between the defenders of the monetary orthodoxy and theadvocated
of employing the currency as an instrument of interference with theeconomic life, positions which in
themselves reflected the diverging options of thegreat economic powers of the world. The
Conference of London (12 June 27 July 1933), with the participationof 66 states, ended the series of
monetary and economic gatherings of the interwarperiod. The reason for its failure is attributable to
the diverging interests of thegreat powers, to the prevalence of temporary national interests over a
positiveapproach to the international monetary issues the participants pretended to bewilling to
solve. After the year 1933, the world appeared to be dislodged into severalcompartments from the
monetary point of view: 'the dollar block', 'the poundsterling block', 'the gold block', and the
monetary autarchies of the USSR,Germany and Japan. In 1937, the probing for the perspectives of a
new conference(the Van Zeeland survey) highlighted the lack of receptivity of the
variousgovernments as for making an international attempt at solving the problem. Therefore, after
the tragic aftermath of World War II, the internationalmonetary and financial conference to follow
(Bretton Woods, 1-21 July 1944)would establish the international monetary system which would
remain in use untilthe year 1971. www.dacoromanica.r

MONETARY ISSUES APPROACHED AT INTERWAR INTERNATIONAL CONFERENCES Abstract Having

registered during the previous century an evolution devoid of majorcrises, the world economy would
be grieviously affected by the outbreak of WorldWar H. This would trigger a number of monetary
measures in all countries. It wouldalso lead to the suppression of the gold standard and bring forth a
substantial modification of both internal monetary regimes and international monetary practice. The
basical condition to rebuild postwar economy was the restoring of thenational and international
monetary balance, while the inherent international dimension of the deriving issues called for
debates on monetary aspects within theframework of inter-governmental reunions. The financial
international conference of Brussels (24 September 8October 1920) was to be the first event in the
postwar period to gather 39 formerlybelligerent or neutral countries. Although the experts who
attended it were lackingthe power of decision, the conference would appraise nevertheless the
postwarmonetary situation and assess a general trend in favour of the restoration of thegold
standard. The establishment of the economic and financial organization of theSociety of Nations also
counted among its results. The Conference of Geneva (10 April 19 May 1922) which gathered
33states was meant to focus on the rebuilding of the European economy. Even iffailing to produce a
general plan in this respect, the conference resulted in theconsistent application of the principles of
the gold exchange standard throughout the monetary reforms of 1923-1929. 117 Dobrovici, Gh. M.,
op.c.it., p. 229. 118 Kintescu, Costin C., Moneda..., p. 96, 285-288. 119 Patenôtre, Raymond, op.cit.,
p. 136. www.dacoromanica.ro 88 Corncliu Olaru 28Under the circumstances created by the interwar
period, the gold exchangestandard, a formal expression of the gold standard, ensured a temporary
monetarystability in countries acting along this principle and rendered possible theirmonetary
connection to the international exchange circuits. Basically, the goldexchange standard marked a
first ethap in the demonetization of gold, thedissociation between internal and international
monetary circulation, the cominginto being of a 'monetary feudality.' The world economic crisis
which followedafter 1929 affected to a considerable extent the bases of the system set up inGeneva
and is liable to explain the interest exhibited in an international approachto the monetary issue: the
Delegation of Gold, the Conference of Lausanne (JuneJuly 1932), the Conference of Stresa
(September 1932), the PreparatoryCommittee for the Conference of London, the agreements of
Washington (April1933) would pave the way for the oncoming world conference.
Debateshighlighted a chasm between the defenders of the monetary orthodoxy and theadvocated
of employing the currency as an instrument of interference with theeconomic life, positions which in
themselves reflected the diverging options of thegreat economic powers of the world. The
Conference of London (12 June 27 July 1933), with the participationof 66 states, ended the series of
monetary and economic gatherings of the interwarperiod. The reason for its failure is attributable to
the diverging interests of thegreat powers, to the prevalence of temporary national interests over a
positiveapproach to the international monetary issues the participants pretended to bewilling to
solve. After the year 1933, the world appeared to be dislodged into severalcompartments from the
monetary point of view: 'the dollar block', 'the poundsterling block', 'the gold block', and the
monetary autarchies of the USSR,Germany and Japan. In 1937, the probing for the perspectives of a
new conference(the Van Zeeland survey) highlighted the lack of receptivity of the
variousgovernments as for making an international attempt at solving the problem. Therefore, after
the tragic aftermath of World War II, the internationalmonetary and financial conference to follow
(Bretton Woods, 1-21 July 1944)would establish the international monetary system which would
remain in use untilthe year 1971. www.dacoromanica.r