§ 13. Sir B. Rhys Williamsasked the Chancellor of the Exchequer what steps he is taking, following the successful reopening of the free London gold market, to ensure that the transition to a general system permitting reasonable flexibility in the rates of exchange of the world's main trading currencies takes place in an orderly way.
§ Mr. Roy JenkinsI would not favour a move to a system of greater flexibility in exchange rates than at present.
§ Sir B. Rhys WilliamsIs it not becoming evident that the whole Bretton Woods concept of permanently fixed exchange rates and an immutable price for gold are a vanishing vision? Should we not accept it with gladness? Would it not be statesmanlike for the Government in the management of sterling to shape their policies accordingly?
§ Mr. JenkinsI think that it would be extremely rash to take the view that the 20 or nearly 25 years of the international monetary system, based on the Bretton Woods Agreement, which we have experienced and which has led to the most rapid growth of world trade 223 and the national wealth of most countries participating, has not, on the whole, been a successful system. I do not say that it does not need modification, but it would be foolish to turn our backs on it and say that we want something utterly different rather than something built upon it.