HC Deb 17 May 1966 vol 728 cc1103-4
16. Mr. Bruce-Gardyne

asked the Chancellor of the Exchequer when he now expects to receive the reports of the Ministers' Deputies who have been studying the question of reform of the international liquidity system; and if he will make a statement on the progress of this work to date.

Mr. Callaghan

The Deputies' Report is likely to be ready in June or July.

Mr. Bruce-Gardyne

In view of the recent public controversy between the Managing Director of the International Monetary Fund and the Chairman of the Group of Ten, could the Chancellor tell us whether the Government will bear in mind in framing their attitude on the proposals for monetary reform that they must command the support of the majority of the Group of Ten if those proposals are to be accepted?

Mr. Callaghan

That is only partly true, I think. They must certainly command the support of the Group of Ten; but they must also command the support of member countries of the I.M.F. who were not included in these preliminary discussions.