UVOD

Meunarodni monetarni fond (engl. International Monetary Fund IMF) osnovan je na Konferenciji u Bretton Woodsu 1944., a Statut Fonda stupio je na snagu 27. 12. 1945. Sjedite Fonda je u Washingtonu. U Fond je ulanjeno 184 drave.Meunarodni monetarni fond je meunarodna organizacija zaduena za nadzor globalnog finansijskog sistema nadziranjem kamatnih stopa i bilansa plaanja, kao i za pruanje tehnike i finansijske pomoi. Fond je osnovan da: a) upravlja pravilima ponaanja u vezi s politikom valutnih kurseva, konvertibilnosti valuta i plaanja vezanih uz transakcije tekueg bilansa, b) osigura sredstva zemljama lanicama tako da se mogu pridravati pravila ponaanja dok ispravljaju ili pokuavaju izbjei neravnoteu u platnom bilansu i c) utemelji instituciju u kojoj se drave mogu savjetovati i suraivati na meunarodnim monetarnim pitanjima. Polazite u postavljanju svrhe i zadataka Fonda jest ravnomjeran razvoj meunarodne trgovine i njezina doprinosa privrednom razvoju, doprinos stabilnosti valutnih kurseva sa stratekim ciljem ostvarenja svjetske konvertibilnosti i smanjenja neuravnoteenosti meunarodnog platnog bilansa drava. Meunarodnom saradnjom i instrumentima pomou Fonda zemljama lanicama sa ogranienim rezervama omoguava se finansiranje kratkoronih deficita.

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Aktivnosti IMF-a Tri su glavna podruja aktivnosti: posmatranje, finansijska i tehnika pomo. Nadzor se sastoji od procjene propisa o novanoj razmjeni zemalja lanica s obzirom na uvjerenje kako jaka i doslijedna ekonomska politika vodi stabilnom deviznom kursu, te pogoduje rastu i razvoju svjetske ekonomije. Financijska pomo ukljuuje kredite i zajmove lanicama IMF-a s platnim bilansom koji podupire politiku prilagoavanja i reforme. (Podatak od 31. januara 2001. pokazuje kako IMF devedeset i jednoj zemlji daje oko 65,3 milijarde dolara kredita). to se tie tehnike pomoi, IMF prua strunu i tehniku pomo svojim lanicama pri kreiranju i sprovoenju finansijske i monetarne politike, osnivanju institucija, dogovorima s IMF-om, te statistike podatke. Odluke u okviru IMF-a Odluke se u Fondu donose u vie organa. Odbor guvernera sastoji se od guvernera i njegovih zamjenika koje imenuje svaka drava lanica. U pravilu su to guverneri nacionalnih banaka ili ministri finansija. Odbor guvernera ima svu vlast, osim one koje je prenio na Izvrni odbor. Posebne nadlenosti Odbora guvernera su primanje novih lanova, odreivanje visine kvota, dodjeljivanje posebnih prava vuenja. Odbor se sastaje jednom godinje na godinjoj skuptini Fonda, koja se odrava zajedno s Odborom guvernera IBRD. Izvrni odbor sastavljen je od izvrnih direktora, njihovih zamjenika i glavnog direktora Fonda koji je isto i predsjednik Izvrnog odbora. Izvrni odbor sastoji se od 20 lanova. Pet lanova imenuju drave s najveim kvotama, a ostalih 15 biraju drave lanice; svaki izabrani lan raspolae glasovima drave koja ga je izabrala. Izvrni odbor bira glavnog direktora Fonda. Uobiajeno je da se za tu funkciju bira osoba koja dolazi iz evropske drave, a njegov zamjenik je Amerikanac. Fond je organizovan kao dioniarsko drutvo.

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Izvori sredstava Fonda Glavni izvor sredstava Fonda su lanarine koje su po iznosu jednake kvoti vezanoj za nju. lanarine se plaaju preteno u domaoj valuti s moguim kombinacijama plaanja u posebnim pravima vuenja ili drugim valutama. Za svoje djelatnosti Fond prikuplja sredstva i zajmove. Poseban nain pruanja financijske pomoi dravama lanicama ostvaruje se prodajom valuta druge drave lanice ili posebnih prava vuenja. Posebna prava vuenja (engl. special drawing rights SDR) uvedena su u praksu Fonda dopunama Statuta. Poslovi u vezi SDR vode se na raunu posebnog vuenja. Svaka drava koja je prihvatila izjavu da preuzima obveze uesnika rauna SDR ima pravo uestvovati u raunu posebnog vuenja. Praktino se ta prava vuenja ostvaruju tako da Fond prodaje dravama valute ili SDR u zamjenu za njihovu nacionalnu valutu. To se naziva kupovina ili vuenje iz Fonda. Pravno-tehniki se ne radi o kupovini niti pozajmici, ali ekonomski uinak je isti. Sredstva Fonda dostupna su samo na krae odreeno vrijeme. Drave koje su vukle (kupovale) sredstva od Fonda moraju postepeno kupovati svoju nacionalnu valutu pomou drugih valuta ili SDR. To se naziva "otkup" nacionalne valute, a ekonomski uinak je isti kao otplata. Do 1970. sredstva Fonda koja su bila namijenjena uravnoteenju platnog bilansa ustupana su za vrijeme krae od godine dana. Ti sporazumi poznati su pod nazivom stand-by sporazumi. Nakon 1970. praksa Fonda je bila finansiranje programa prilagoavanja stand-by sporazumima u rokovima i do tri godine. Drava koja eli koristiti opta sredstva MMF-a mora dokazati da joj je potrebna valuta drugih lanica zbog svoga platnobilansnog poloaja. Pored toga ona je duna sprovoditi politiku utvrenu u sporazumu sa Fondom. Ta politika razrauje se kao poseban program stabilizacije, a Fond ima pravo nadzora sprovoenja programa.

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Neki od programa Meunarodnog monetarnog fonda U svojoj bogatoj praksi, uz angaman visokokvalifikovanog kadra, Fond je razvio vie od 45 razliitih programa davanja pomoi, a naroito praenje i ocjenjivanje njihove primjene i sprovoenja politike stabilizacije. Nabrojat emo samo neke: a) rezervna trana (engl. reserve trench), viak nacionalne valute koju Fond dri u svojim optim sredstvima (General Resources Account), vuenja ("kupovanje valuta" iz rezerve trane) slube za uravnoteenje platnog bilansa, a Fond nema pravo ispitivati jesu li ta sredstva potrebna dravi ili nisu. Za upotrebu tih sredstava ne plaaju se naknade (kamate), a provizija koju naplauje Fond za te transakcije manja je od uobiajene provizije koja se naplauje za kupovinu specijalnih prava vuenja ili valute druge drave lanice. Drava korisnica tih sredstava takoer nije duna nakon odreenog vremena ta sredstva otkupiti; b) kreditna trana i stand-by sporazumi, su redovan nain davanja zajmova Fonda. Zajam je dostupan u etiri trane, a svaka iznosi 25% od vrijednosti nacionalne kvote drave. Kreditna trana se moe dobiti direktno ili preko standby sporazuma koji odobrava Fond. Sporazum osigurava dravi lanici povlaenje sredstava u odreenom iznosu u odreenim rokovima i pod uslovom da potuje mjerila i uslove sporazuma sklopljenog izmeu drave lanice i Fonda; c) produena sredstva Fonda (Extended Fund Facilities), imaju dalji rok koritenja i mogu se vui i do 140% nacionalne kvote. Njihova upotreba mogua je ako su tekoe drave vezane uz platni bilans, proizile iz strukturnih faktora koji su izvan domaaja drave. Radi ponovnog uspostavljanja rasta nastoji se tim programima poveati uvoz;

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d) sredstva za finansiranje kompenzacija (Compensatory Facility), kao poseban nain zaduivanja uveden je 1963.godine kako bi se osigurala dodatna sredstva dravama lanicama namijenjena prije svega proizvoaima primarnih proizvoda. Uslov odobravanja tih sredstava je da su proizvoai ostvarili deficit u platnom bilansu kao rezultat naglog i smanjenog prihoda od izvoza, a da je smanjenje izvoza i njime uzrokovan deficit bio izvan mogunosti uticaja drave. Radi kompenzacije smanjenih prihoda od izvoza mogue je vui najvie do 100% kvote; e) sredstva za finansiranje tamponskog udjela (Buffer Stock Financing Facility), uvedena su 1969.godine kao novi oblik olakica u otplati zajmova. Koriste se kao dopuna sporazumima o zajmovima kojima se predviaju olakice radi ublaavanja uinaka velikih promjena izvoznih cijena, odnosno naglih promjena prihoda od izvoza. Drave lanice mogu ta sredstva kupiti u visini od 50% nacionalne kvote; f) dodatna sredstva finansiranja (Supplementary Financing Facility), odobravaju se samo u vezi sa kreditnim tranama stand-by sporazuma i sporazuma o produenim sredstvima Fonda. Uslovi pod kojima se daju dodatna sredstva jednaki su uslovima iz glavnih sporazuma. Za koritenje tih sredstava potrebno je da su ispunjena dva uslova: rokovi predvieni za uravnoteenje bilansa moraju biti dui od godinu dana, a visina sredstava koja su potrebna moraju prelaziti ona odobrena u kreditnim tranama ili produenim sredstvima Fonda.

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Istorija Medjunarodnog monetarnog fonda MMF je osnovan na svjetskoj konferenciji o monetarnim i finansijskim problemima odranoj u Bretton Woodsu 1944. godine. Osnovu za njegovo funkcionisanje inili su planovi sainjeni u Velikoj Britaniji i SAD-u. Razvoj Fonda moemo pratiti kroz dva perioda: Prvi period U prvom periodu ciljevi MMF-a bili su sljedei: -Omoguiti ekspanziju uravnoteenog rasta meunarodne trgovine i time doprinijeti poveanju i odravanju visokog nivoa zaposlenosti i visokog nivoa realnog dohotka; -Uvrstiti stabilnost deviznih kurseva; -Uspostaviti multilateralni sistem plaanja tekuih transakcija; -Na osnovu mogunosti korienja sredstava Fonda za korekcije platnobilansnih neravnotea, uspostaviti povjerenje meu zemljama lanicama u pogledu dugorone meunarodne monetarne stabilnosti. Poetna ili pristupna obaveza svake lanice Fonda sastojala se uglavnom iz ustanovljavanja pariteta svoje valute i iz uplate odgovarajueg iznosa finansijskih sredstava. Paritet se odreivao u odnosu na zlato ili u odnosu na dolar, pa se stoga ovaj sistem naziva Sistem zlatnodeviznog standarda. Eventualna promjena pariteta mogla se dogoditi samo ako se zemlja nae u tzv. fundamentalnoj neravnotei i uz suglasnost Fonda. Odreivanje iznosa financijskih sredstava za uplatu kvote zemlje lanice vrilo se proporcionalno parametrima koji reflektiraju snagu nacionalne ekonomije. Kvota se uplaivala 25% u zlatu i 75% u domaoj valuti. Uskoro se javlja problem likvidnosti Fonda koji je nastao iz jednostavnog razloga tj. zbog prihvaanja zlatno deviznog standarda kao osnovne poluge meunarodnih monetarnih relacija.

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Naime, ameriki dolar, zbog najsnanije pozicije i najvreg poloaja u svjetskoj trgovini, postupno preuzima vodeu ulogu u brettonwoodskom monetarnom sistemu, te postaje glavnom rezervnom valutom zemalja lanica. 60-ih godina 20. vijeka, uprkos svom posebnom poloaju dolar je sve vie slabio. Opadanjem vrijednosti dolara, naruava se i mehanizam meunarodnih monetarnih odnosa, te problem likvidnosti dolazi do punog izraaja. Zbog toga 28. jula 1969. godine ustanovljena je ema kreiranja novih rezervnih sredstava Specijalna prava vuenja (SPV). Ta nova sredstva zapravo se kreiraju samo knjigovodstveno meu zemljama lanicama.

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Drugi period

Kretanje vrijednosti dolara

Grafik kretanja vrijednosti dolara.Drugi period zapoinje i traje do danas kada IMF poetkom 70-ih godina 20. vijeka zapada u najveu krizu dotada. Odliv kratkoronog dolarskog kapitala u inostranstvo, dalje odravanje visoke stope inflacije u SAD-u izazvalo je brojne pekulacije na tetu amerikog dolara. Predsjednik SAD-a je 15. augusta 1971. godine objavio ukidanje konvertibilnosti dolara u zlato i uvoenje dodatnog poreza na sav uvoz u SAD. Tim inom je prestao funkcionisati meunarodni monetarni sistem na principima ustanovljenim u Bretton-Woodsu. Krajem 1971. godine postignut je sporazum, gdje su SAD poveale cijenu zlata za 8,57%, SR Njemaka i Japan su smanjile cijenu marke za 5% i jena za 8,5% u odnosu na zlato, dok su Velika Brianija i Francuska zadrale cijene zlata istim. Nakon toga dolazilo je do jo nekoliko korekcija cijena, sve do sastanka na Jamajci 1976. godine, gdje se IMF preobrazio u sistem valutnih podruja, kao to su sistem evropskog valutnog fluktuiranja, zatim dolarsko podruje, podruje francuskog franka, podruje britanske funte i podruje SPV-a.

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Predlog reformi Medjunarodnog monetarnog fonda

Evropski Parlament predlae reforme Medjunarodnog monetarnog fonda.Drave lanice EU trebaju bolje koordinirati svoje pozicije unutar Meunarodnog monetarnog fonda (MMF), a Fond bi trebao znaajnije doprinijeti Milenijskim razvojnim ciljevima, glavni su zakljuci Odbora za ekonomska pitanja Evropskog parlamenta usvojeni 31. januara 2006. godine. Tema izvjetaja Odbora je strateka ocjena Meunarodnog monetarnog fonda. Prijedlog da EU ima samo jedno mjesto u Meunarodnom monetarnom fondu, koje bi zajedniki drala Komisija i Ecofin, a djelovali bi pod nadzorom Evropskog parlamenta odbijen je, a predlae se da Eurozona, ili ako je mogue, Evropska zajednica, glasa kao jedinstveni blok. Ako Evropska zajednica postane lanom Meunarodnog monetarnog fonda, drat e 31, 92 % glasakih prava, ostavljajui iza sebe Sjedinjene Amerike Drave, koje su jo uvijek glavni dioniar Fonda sa 17, 11 %. Parlament smatra da Meunarodni monetarni fond treba revidirati podjelu kvota i glasakih prava da bi bolje odrazio trenutno stanje svjetske ekonomije te pomogao novim privredama i zemljama u razvoju. Odbor takoer predlae bolju koordinaciju izmeu MMF-a i Svjetske banke da bi se promovisala razvojna pitanja i postizanje Milenijskih ciljeva.Vezano uz liberalizaciju financijskih usluga u zaduenim zemljama, lanovi Odbora za ekonomska pitanja smatraju da ona treba biti postupna i stabilna, te usklaena s institucionalnim sposobnostima svake od zemalja. Slino, liberalizacija u dravama s niskim dohotkom mora se odvijati u okvirima Svjetske trgovinske organizacije. Konano, Odbor smatra da zaduene drave ne moraju potpuno otvoriti trite, nego da u odreenom vremenskom razdoblju mogu zatititi pojedine industrije.Konano, Evropski parlament je podrao namjeru za razvojem obrazovnog i zdravstvenog sistema zemalja u razvoju, te predloio da MMF razvija politike za prevenciju nove dunike krize te pozdravio irenje inicijativa prema jako zaduenim dravama.

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Zakljuak

Na osnovu izvejtaja od 26 jula 2007. godine Meunarodni monetarni fond prognozira da e svjetska privreda rasti brim tempom nego to se to isprva predvialo. Revidirana projekcija stope rasta je 5.5 posto. Prognoze za bri rast pogotovo se odnose na Rusiju, Indiju i Kinu, koja e tvrdi IMF imati privredni rast od 11.2 posto. Novi izvjetaj poneto je snizilo stopu rasta u Sjedinjenim Dravama stopa rasta amerike ekonomije iznosit e 2 posto. Kao i u prolosti IMF i dalje predstavlja meudravnu i monetarnu finansijsku instituciju ali danas s gotovo univerzalnim lanstvom. Njegove se aktivnosti i politika sprovodi temeljem Sporazuma (Articles of Agrement) a izvrava se putem organizovanog vostva u formi Odbora guvernera (A Board of Governors), zatim izvrnog odbora (An Executive Board) i Upravljakog direktora (A Managing Director) s timom od oko 2000 zaposlenika.

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SADRAJ

Uvod......................................................................................................................1 Istorija Meunarodnog monetarnog fonda............................................................2 Aktivnosti IMF-a...................................................................................................5 Odluke u okviru IMF-a..........................................................................................5 Izvori sredstava Fonda...........................................................................................6 Neki od programa Meunarodnog monetarnog fonda..........................................7 Predlog reformi Meunarodnog monetarnog fonda..............................................9 Zakljuak.............................................................................................................10 Literatura.............................................................................................................11

LITERATURA

www.imfsite.org www.entereurope.com www.brettonwoodsproject.org/institution/imf/index.shtml encarta.msn.com/encyclopedia_761553862/international_monetary_fund.html

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UNIVERZITET CRNE GORE FAKULTET ZA POMORSTVO KOTOR

ODSJEK : MENADMENT U POMORSTVU

SEMINARSKI RAD

PREDMET:Meunarodni menadment

TEMA:Meunarodni monetarni fond

Prof.Dr Veselin Drakovi ODALOVI I

MENTOR: STUDENTI: JOVANA JELENA ODALOVI INDEX BR. : 15-05 i 14-05

International Monetary Fund - IMF The International Monetary Fund (International Monetary Fund - IMF), is based on the Conference in Bretton Woods 1944., And the Fund Statute entered into force on 27. 12. 1945. Fund Headquarters is in Washington. The Fund is is consisted of 184 countries. The International Monetary Fund (IMF) is an international organization in charge of monitoring the global financial system controling interest rates and bilans payments, as well as for providing technical and financial assistance. The Fund was established to: a) controls the rules of conduct in connection with the exchange-rate policies, currency convertibility and payments related to transactions on the current balance, b) provide the means member states so that it can abide by the rules of conduct while fixed or trying to avoid the payments balance and, c) laid the foundation of the institution in which the state can consult and cooperate on international monetary matters. The starting point in setting purposes and tasks of the Fund is the steady development of international trade and its contribution to economic development, contribute to the stability of exchange-rate with the strategic aim of achieving convertibility of the world and reducing unbalanced international payment balance sheet states. International cooperation and using the instruments of the Fund member countries with limited reserves allows for the financing of short-term deficit. Functions There are three main areas of activity: observation, the financial and technical assistance. Surveillance consists of assessments money regulations on exchange of member countries with regard to his conviction as strong and consistent economic policy leads stable exchange rate, and favorable growth and development of world economy. Financial assistance includes credits and loans to members of the IMF as payment bilans which supports the policy adjustments and reforms. (Data from 31. January 2001. Shows that the IMF and ninety-one country gives around 65.3 billion dollars of credits).

As regards technical assistance, the IMF provides vocational and tehnical help its members at the creation and implementation of financial and monetary policies, the establishment of institutions, agreements with the IMF, and statistical data. Decisions in the Fund bring in more bodies. Board of Governors consists of the governor and his deputies are appointed by each member state. Usually they are governors of national banks or finance ministers. Board of Governors has all the powers, except those which is transmitted to the Executive Board. Special competence of the Committee of Governors are receiving new members, determine the height of quotas, the allocation of special drawing rights. The Committee meets once a year at the annual Assembly of the Fund, which is held in conjunction with the Committee of Governors IBRD. The Executive Board is composed of executive directors, their alternates and chief director of the Fund who is also Chairman of the Executive Committee. The Executive Committee consists of 20 members. Five members nominated by the state with the biggest quotas, and the other 15 are elected by member states, each elected member state has the votes. The Executive Committee elected by the Chief Director of the Fund. Normally you for this position is elected by the person who comes from European nations, and his deputy is American. The Fund is organized as a joint-stock company. The main source of funds Fund are membership fees, which are by an amount equal quota relating to her. Membership fees are paid mainly in local currency with the possible combinations of payment in special drawing rights or other currencies. For its activities, the Fund will collect funds and loans. Special way of providing financial assistance to member states realized by selling the currency of other member states or special drawing rights.

Special drawing rights (special drawing rights - SDR) introduced the practice of amendments to the Statute of the Fund. Jobs in connection SDR water on account of special drawing. Each country is accepted statement that assumes the obligations of participants account SDR has the right to participate in a special drawing account. Virtually this drawing rights fulfilled so that the Fund sells countries or currencies in the SDR exchange for their national currency. This is called buying or pull out of the Fund. Legal and technically it's not about buying or loaning, but the economic effect is the same. Fund assets are available only on a short time to time. States that have drawn (buying) assets of the Fund must gradually buy our national currency by using other currencies, or SDR. This is called a "surrender" of national currencies, and the economic effect is the same as redemption. Up to 1970. Fund assets that were intended for the payment balance are given for the time shorter than a year. These agreements are known as the stand-by agreements. After 1970. Practice Fund was financing the adjustment of stand-by agreements in terms of up to three years. States which wants to use general funds and the IMF must demonstrate that it is necessary currencies of other member because of his payement balance position. In addition, she is obliged to implement the policies determined in agreement with the Fund. This policy is developing as a special program of stabilization, and the Fund has the right to control the implementation of the program.

In his extensive practice, with the involvement of high qualified staff, the Fund has developed more than 45 different programs providing assistance, in particular monitoring and evaluation of their application and implement the policy of stabilization. we will count just some: a) reserve tranche ,an excess of the national currency which the Fund holds in its general funds (General Resources Account), drawing ( "buying currency from reserves tranches) service for balancing the payment balance, and the Fund has no right to question whether these funds require state or not. For the use of these funds do not pay the fees (interest), a commission charged by the Fund for these transactions is less than the usual commission which is charged for the purchase of special drawing rights or currencies other member states. State beneficiary of these funds also is not required after a certain time these funds to purchase (refund); b) credit tranche and stand-by agreements, the ordinary way of giving loans Fund. The loan is available in four tranches, each is 25% of the value of national quotas state. The credit tranche can be obtained directly or through stand-by agreement approved by the Fund. The agreement provides Member State with draw funds in a given amount of specific deadlines and provided that it respects the criteria and conditions deal agreements between member states and the Fund; c) the funds extended Fund, have a longer period of use and can haul up to 140% of the national quota. Their use is possible if the difficulties of staterelated canvas came from balance from the structural factors which are outside state rate. In order to regain growth to be these programs to increase imports; d) funds to finance compensation (Compensatory Facility), as a special way of borrowing was introduced in 1963. To provide additional funds to member states aimed primarily producers of primary products.

The condition of approval of these funds is that the producers made payments deficit in the balance as a result of rapid and lower income from exports, and that the reduction in exports and caused him outside the deficit was able to influence the state. In order to compensation reduced earnings from exports it is possible to haul up to 100% quota; e) funds to finance buffer shares (Buffer Stock Financing Facility), were introduced in 1969. as a new form of relief in paying off loans. Are used as a supplement agreements on loans which envisage deduction for Impact Mitigation large export price changes, or changes strong revenues from exports. Member States can buy these funds in the amount of 50% of national quotas; f) additional means of financing (Supplementary Financing Facility), will be given only in connection with credit trench stand-by agreement and the agreement on the means extended Fund. Conditions under which provides additional funds are equal in terms of major agreements. For the use of these funds will need to have met two conditions: the predicted deadlines for balancing the balance sheet must be longer than a year, with a height of funds that are needed to exceed those approved in the credit trenchs or extended means Fund.

History IMF was established as a worldwide conference on monetary and financial issues held in Bretton Woods 1944. year. Basis for its functioning were plans made in the UK and U.S.. The Development Fund can track through two periods: The first period In the first period goals and the IMF were the following: Allow an expansion of a balanced growth of international trade and to contribute to increasing and maintaining high levels of employment and high levels of real income; Reinforce the stability of foreign exchange courses; Establish a system of payment of current transactions; On the basis of opportunities of useing assets Fund for correcting the imbalance payement balnce, establish trust among member states in terms of long-term international monetary stability.

Home or access obligations of each member of the Fund consisted mainly from establishing parity its currency and the payment of the appropriate amount of money. Parity was determined in relation to gold or in relation to the dollar, so therefore this system called the System gold currency standards. Possible changes parity could happen only if the country was found in the so-called. fundamental unbalance and with the consent of the Fund. Determining the amount of money for the payment quota countries were done proportionately parameters that reflect the strength of the national economy. Payed quota is 25% in gold and 75% in local currency. Soon occurs Fund's liquidity problem that has emerged from the simple reason that for accepting gold exchange standard as the basic levers of international monetary relations. Specifically, the U.S. dollar, due to strongest positions and hardest position in world trade, gradually assume a leading role in brettonwoodskom Monetary System, and became the main currency backup member countries.

60-to 20 years. century, in spite of its special position dollar is increasingly low. Increasing value dollars, and impairs the mechanism of international monetary relations, and the problem of liquidity is coming to full expression. As a result, 28. July 1969. The established scheme is creating new reserve funds Special drawing rights (SPV). These new funds are actually creating the book among member states.

The second period

Chart Trends values dollars The second period begins and lasts until today, when the IMF in early 70-to 20 years. The biggest fall into crisis earlier. Outflow of dollar capital abroad, continue to maintain high rates inflation United States has caused numerous speculations on the damage U.S. dollars. The President of the United States is 15. August 1971. The announced abolition of convertibility of dollars in gold and the introduction of additional tax on all imports into the U.S..

Rank stopped work international monetary system on the principles of determinated the Bretton-Woods. At the end of 1971. the agreement was reached, where the United States increased the price of gold for 8.57%, the Federal Republic of Germany and Japan reduce the price of stamps for 5% and jena of 8.5% compared to the gold, while the United Britan and France retained the same price of gold . After that he came to several more price correction, all the way to meeting the Jamajca 1976. , where the IMF returned in the system of valute areas, such as the European currency system fluctuation, then dollar area, the French franka, the British pounds and area-a SPV.

The European Parliament proposes to reform the International Monetary Fund EU member states should better coordinate their positions within the International Monetary Fund (IMF), and the Fund should significantly contribute to Millennium development goals, are the main conclusions of the Committee of Economic Affairs European Parliament passed 31. January 2006.year. Issue statements Committee is strategic assessment of the International Monetary Fund. Proposal that the EU has only one place in the International Monetary Fund, which would be jointly conducted the Commission and ECOFIN, and would act under the supervision of the European Parliament has declined, and suggests that the Eurozone, or if possible, the European Community, a unique voice as a block. If the European Community becoming a member of the International Monetary Fund, will keep 31, 92% ballot rights, leaving behind the United States, which are still the main shareholder in the Fund with 17, 11%.The Parliament believes that the International Monetary Fund should review the division of quota and ballot rights in order to better

odrazio the current state of world economy and helped the new economies and developing countries.

The Committee also proposes better coordination between the IMF and World Bank to promote development issues and the achievement of Millennium goals.Related to the liberalization of financial services in charge of countries, members of the Committee for Economic Affairs believe that it should be gradual and stable, and in line with the institutional capacities of each country. Similarly, the liberalization in countries with low income must be held within the WTO. Finally, the Committee believes that the preserve of the state do not have to fully open the market, but that in odreenom time razdublju can protect individual industries. Finally, the European Parliament intends to support the development of educational and health systems in developing countries, and proposed that the IMF is developing a policy for the prevention of new debt crisis and welcomed the expansion of initiatives by countries heavily in charge. Summary 26,July 2007 The International Monetary Fund predicts that the world economy will grow faster pace than it was expected. A revised projection of growth rate is 5.5 percent.Forecasts for faster growth, especially related to Russia, India and China, which will - the hard IMF - have economic growth of 11.2 percent. The new report was slightly lower rate of growth in the United States - growth rate of U.S. economy will be two percent. IMF today As in the past, the IMF still represents a cross-monetary and financial institution today, but with almost universal membership. The activities and policies implemented on the basis of the Agreement (Articles of Agrement) and executed through the organized leadership in the form of the Committee of Governors (A

Board of Governors), then the executive committee (An Executive Board) and A Managing Director with a team of about 2000 employees.