800:
revenues that served as collateral for the foreign loans, typically from customs and/or from state monopolies. In addition to controlling both accounts, the League's
Commissioner usually had a veto right over government decisions deemed adverse to the good execution of the program. Separately and complementarily, the program entailed the appointment of a League Adviser to the (generally newly created) national central bank, formally an employee of the central bank but in effect a representative of the League. The Adviser's position was defined in the statutes of the central bank, which were typically drafted directly by the EFO's Financial Committee. It granted him a wide supervisory role over the management and operations of the central bank, sometimes including a veto on the bank's Board decisions. Finally, the program would designate Trustees to administer the security revenues in case of default, except in Greece where it relied on the International Financial Commission.
316:
central and private bankers. The two committees' setup was flexible and inclusive enough that
American delegates participated in them from 1927 despite the fact that the U.S. was not a member of the League. Similarly, Japanese delegate remained on the two Committees for some time after Japan withdrew from the League in 1933. The Economic Committee was granted permanent formal status within the League in 1927, initially with a membership of 15 that grew over subsequent years, and the Financial Committee in 1937. In the meantime the Financial Committee kept a smaller size of 10 members, who typically came from central banks and finance ministries of member states and the U.S.; Belgium, France and the UK were represented in it by finance ministry officials, while Switzerland and the Netherlands delegated private-sector and central bankers.
34:
947:, who had joined the fledgling League staff at inception in 1919 and had led its statistical endeavors since then. The two sections were eventually reunited in 1939 together with the secretariat of the League's Communications and Transit Organization, under Loveday's leadership as Stoppani retired. Meanwhile, the staff had developed a genuine supranational ethos, as illustrated by the fact that Stoppani ignored Mussolini's instructions to resign after Italy withdrew from the League in 1934. Throughout the 1930s, the EFO displayed intellectual honesty and flexibility by abandoning some of its prior
688:
735:
resident in
Austria at the program's inception and control the disbursement of the funds, subject to the execution of the reform commitments. The appointment of the Commissioner-General by the League itself, as opposed to a business person representing the private creditors, was a major innovation which Monnet defended as key to ensure political acceptance. Furthermore and also in line with the Brussels and Genoa consensus, the program included the creation of an independent national central bank along the lines advocated by
703:, which was considered desperate enough that the allied powers did not want to take responsibility for it themselves. Austria was buffeted between the competing interests of Britain (which had high credit exposure to it), France (which was obsessed with the prospect of German-Austrian unification), Czechoslovakia and Italy (which had competing designs on Austria as its respective neighbours on the north and south). Jean Monnet, by then the League's deputy secretary-general, convinced the
715:. As he put it, "that real danger of foreign intervention could be literally flipped and transformed into a positive endeavor of joint action. It was about channelling the very forces that could have been tempted to take advantage of the crisis into contributing to the preservation of Austrian independence." A special committee on Austria, formed to prepare the assistance program jointly with the Financial Committee of the League, brought together Seipel with Britain's
272:
656:
754:, which was promptly established in January 1923. This conflict delayed the loan's issuance until a compromise was found in the spring of 1923, under which the League would appoint an "adviser" with extensive oversight powers over the central bank's decisions. The £2 million loan was guaranteed by European governments and successfully raised in private markets in May 1923, underwritten by
1020:. The agreement’s text repeated much of prior EFO reports' language, and facilitated the simultaneous French policy pivot towards a more liberal trade stance. From 1937, after the Tripartite Agreement had only produced disappointing results, the EFO endeavored to secure more autonomy for itself within the League that would transform it into an autonomous agency along similar lines as the
774:(1925 and 1927), Bulgaria (1926 and 1928), Estonia (1927), and Greece (1924 and 1928). There were thus nine "League loans" in total, in six countries, for an aggregate amount of £81 million. Of that, nearly half was provided by British investors and nearly one-fifth by American ones, the rest coming from Continental Europe. The Hungarian loan was requested in August 1923 after the
981:, it prepared model bilateral conventions and sent them to individual governments, rather than convening a conference that would have been unlikely to achieve unanimous agreement; eighty such conventions were subsequently signed between 1929 and 1938. The EFO also had partial success with a number of countries in its advocacy of dismantling
1182:
The assessment of the EFO and its impact has ebbed and flowed since its absorption by the nascent United
Nations in 1945. In a monograph published shortly afterwards, William Martin Hill, who had joined the EFO staff in 1927, noted that "Consultation between officials engaged in framing and executing
1179:, "The final economic studies of the League contributed to a new consensus that ultimately found its authoritative expression in the 1944 Bretton Woods Agreement and in the 1947 Havana Charter". That included, in particular, Nurske's landmark study on the macroeconomic history of the interwar period.
299:
Following a recommendation of the
Brussels Conference, the League's inaugural Assembly meeting in November 1920 endorsed the expansion of the scope into an organization that would be able to formulate policy recommendations to member (and non-member) states, despite initial misgivings from the United
255:, and others including from Denmark and France, an early example of cross-national advocacy. In early February, the British government made it known that it would favor the convening of an international conference by the League of Nations, which had just been formally established in January 1920. The
996:
Stoppani and
Loveday agreed that matters of international trade and protectionism should be at the forefront of the EFO's agenda. Building upon Salter's shift in 1929 towards acknowledgement of the validity of regionalism, they posited that genuine progress would not involve all member states at the
778:
had agreed on the amounts
Hungary had to pay. Hungary was perceived to be in a less desperate position than Austria a year earlier, which allowed for issuance without any government guarantee. The League's buildup of credibility made it possible to gradually lower the loans' costs. Portugal explored
734:
The plan, finalized in three protocols signed in Geneva on 4 October 1922, entailed a fiscal and structural adjustment program in line with the principles which League staff had fostered at the
Brussels and Genoa Conferences, It foresaw the appointment of a powerful Commissioner-General who would be
315:
In 1923, the
Provisional Committee was made permanent and divided into an Economic Committee, dealing primarily with matters of trade and industry organization and composed mostly of government officials, and a Financial Committee focused on monetary and fiscal issues with a greater participation of
970:, the EFO managed to mitigate some of the consequences in its program countries of the 1920s, e.g. Austria, Hungary, and Bulgaria. The EFO persuaded existing lenders to apply forbearance and enlisting new ones to refinance the loans, while directly supervising some of the debt-servicing operations.
191:
to manage the postwar economic emergencies, but that was soon undermined by a growing division of views between France and Italy on one side, advocating a continuation of the wartime joint action, and the UK and U.S. on the other side, preferring a rapid return to market-oriented business as usual.
803:
Countries that had recourse to similar borrowing schemes without appealing to the League's assistance, primarily Poland in 1927 and
Romania in 1929, struggled to secure financing conditions as good as those under the League's framework, despite the fact that both were advised by Monnet who was by
319:
There were also a number of sub-committees of fixed duration, frequently including leading economists of the time, and standing committees on fiscal and statistical matters. The organisational setup of the EFO, like that of the League of Nations in general, was deliberately obscure as the related
799:
in Greece). First, the external loan account held money provided by the foreign creditors for use by the borrowing government to cover fiscal deficits during the initial phase of transition. Second, the security revenues account held money collected in the borrowing country as so-called security
295:
joined the staff in April 1920. In 1922, Salter took over from Layton's acting successor Frank H. Nixon, and led the EFO until 1931, expanding its staff from seventeen to sixty during that period. By then, it was significantly larger than any other section of the League Secretariat.
922:) to elaborate on Briand's proposal, which was chaired by Briand but soon met stalemate in 1931, contributing to Briand's downfall as French foreign minister in January 1932. The EFO's legitimation of European regionalism played a role in stimulating two stillborn projects, the
1199:
of 1971. He argues that both institutions pivoted towards analytical work following the respective setbacks, but also that the memory of the ultimate failure of the League helped the IMF find a new mandate in the 1980s when it played a central role in addressing the
794:
In all of these loans except Estonia, a foreign official would control two key accounts on the League's behalf (this was a specifically appointed Commissioner-General in Austria, Hungary and Bulgaria; the League's High Commissioner in Danzig; and the pre-existing
739:. During the program's negotiation in 1922, Norman initially fought for the head of that institution to be a foreigner, but this met considerable political pushback in Vienna. In December 1922, the Austrian government unilaterally decided to appoint local banker
808:
for Germany and those of Belgium and Italy in 1926. Overall and from the standpoint of their aims of financial stabilization and economic recovery by means of fundamental change in the fiscal and monetary regimes, the loans were impressively successful.
898:. Salter and Italy's Pietro Stoppani, who had joined the EFO staff in 1923, reflected on the parallel between Europe and the United States and the case for a large integrated market delivering beneficial economies of scale; Salter used the expression "
779:
a similar agreement in 1928 but eventually balked at the onerous conditions, as Albania had done earlier in the decade. In Hungary, Danzig, and Greece, as in Austria, the loans entailed the creation of a new independent central bank, respectively the
286:
in London, had started to collect and publish economic statistics, which remained the initial focus of the Economic and Financial Section that was soon established within the League Secretariat, and spent much of 1920 preparing the conference.
670:
among private investors and governments that desired to foster financial stability but were unable or unwilling to do so on a purely bilateral basis. Its first endeavor, albeit of limited impact, came in early 1922 with support to a loan to
893:
followed by tariff escalation between the United Kingdom and its European neighbors, the EFO developed tentative ideas about European integration, foreshadowing developments two decades later that would lead to the establishment of the
942:
After Salter left the League Secretariat in 1931, the negotiation on the appointment of its successor led to the division of the EFO Secretariat into an Economic Section, headed by Stoppani, and a Financial section headed by Britain's
1183:
economic and social policies in different countries was rare before 1914; through the League it became an established practice". The memory of the EFO and its partial successes was then somewhat obscured during the
1174:
in 1947. Loveday attended Bretton Woods as an external observer, and several former EFO staff were among the national negotiators, including Rasminsky for Canada and Polak for the Netherlands. In the assessment of
1141:
In May 1940, Switzerland was increasingly at risk of being encircled by the Axis powers. Loveday decided to move together with around two-thirds of the EFO staff,, and eventually relocated the organization at the
308:) composed of experts nominated by the League's Council, and thus not officially representing their respective governments. After that, the EFO's work agenda was determined by the Second Committee of the League's
1095:
which had started operations in 1930, the EFO also produced major statistical and analytical works, both ad-hoc investigations and periodical series of its specialized arm the Economic Intelligence Service (EIS,
1190:
In his 1996 study, Pauly notes the parallels between the successes and limitations of the EFO and those of the IMF, noting that both had to adapt to major financial disruptions, respectively the 1931 crisis and
2301:, [Carnegie Endowment for International Peace. Division of International Law] Studies in the administration of international law and organization, Washington: Carnegie Endowment for International Peace
711:. Monnet had the intuition that the respective British, French, Czechoslovak and Italian interests could be leveraged into a cooperative plan, and had it conceived during a lakeside gathering with Salter and
620:, even though only the latter two were formally organized under the League's aegis. In the first three, the EFO was broadly successful at cementing an international policy consensus on the underpinnings of
973:
In general policy matters, as the scope for wide international consensus had shrunk dramatically, the EFO adapted by experimenting with new forms of policy influence. For example, in a work stream on
914:
to 27 European member states of the League in September 1929, and the responses it elicited. In September 1930, the League's Assembly decided to set up a Commission of Inquiry for European Union (
1187:
period by the incentives to emphasize the League's institutional limitations in contrast with the more robust western postwar order, including by Salter himself in his memoirs published in 1961.
997:
same time but rather occur "between those States where there is a desire to do business" as Loveday put it in a 1938 address. For that reason, EFO staff was wary about the organization of the
1158:
and his associations with both Princeton and the League, and secured funding from the Rockefeller Foundation. At Princeton, the exiled EFO played a central role in shaping the work of the
2341:"Patricia Clavin. Securing the World Economy: The Reinvention of the League of Nations, 1920-1946. Oxford: Oxford University Press, 2013. xii + 400 pp. $ 125.00, cloth, 978-0-19-957793-4"
1204:. He also notes that neither the League nor the IMF were allowed to intervene directly in situations deemed too critically sensitive by their most powerful stakeholders, such as the
640:, in part a reflection of the fact that the United States, which had the most advanced supervisory practices of the time, was not a member of the League. Partly for that reason, the
492:
647:
The League also sponsored a less ambitious International Conference for the Simplification of Customs Formalities, which was held in Geneva from October 15 to November 3, 1923.
1579:
2052:
819:
211:. On the basis of their conclusions that a collective intergovernmental effort was needed to remedy the postwar disruptions, a petition circulated in January 1920 by
450:
The other individuals who sat on the Provisional Economic and Financial Committee between 1920 and 1923 and/or on the Financial Committee between 1923 and 1931 were
366:
1159:
644:
shattered the 1920s orthodoxy, leading to the complete failure of the London Conference in June 1933 after which the League made no further similar attempts.
1005:
and indeed ended in comprehensive failure. The EFO made renewed advocacy efforts in 1935 and 1936 for a reduction of trade restrictions on the basis of the
1111:. From 1933, its research on business cycles was further supported by annual grants from the Rockefeller Foundation. Regular EIS publications included the
1123:, and from 1936 on, an annual report on the general economic situation. Many of these series were subsequently continued by the United Nations. The EFO's
509:
1228:
853:
833:
740:
433:
1983:
Matthew Bacon; Ruiyuan Cheng; Katherine (Xinyuan) Liu; William Ma; Gavin McElhennon; Dagny Patton; Elizabeth Qiao; Parth Thakkar (December 2022),
601:
565:
526:
395:
2369:
1631:"International quantification and liberalism: the early statistical activities of the League of Nations' Economic and Financial Organization"
312:, which dealt with all so-called technical issues (under the formal authority of the League's Council) and met once every year in September.
2032:, Histoire économique et financière - XIXe-XXe, Paris: Institut de la gestion publique et du développement économique, pp. 1040–1044,
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228:
155:
The establishment of the EFO took place in the aftermath of unprecedented transnational cooperation initiatives among allied powers during
139:
dedicated to promoting economic and monetary co-operation. It took shape in the early 1920s and was in activity until the creation of the
2374:
1127:, prepared by Condliffe in the early 1930s and then Meade in 1938-1940, has been labeled the ancestor of the IMF's flagship publication
447:
Niemeyer, Strakosh and ter Meulen, who had been core committee members from the outset, all resigned in 1937, together with Młynarski.
2053:"File R4583/10C/13517/1355 - Financial situation of Bulgaria - Services of M. Pierre Cheysson, Commissioner of the League of Nations"
1984:
1215:, has emphasized the EFO's pioneering initiatives, its policy achievements including during the 1930s, and its role in fostering an
1955:"Picking the Right Man for the Job: Jeremiah Smith, Jr. and American Private Influence in the Financial Reconstruction of Hungary"
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613:
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Unlike the postwar IMF, which has significant resources of its own, the EFO itself had no financial firepower but could resolve
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principle, but that was rejected primarily by Britain, to the frustration of the United States which under Secretary of State
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then in private practice. The governance innovations pioneered by the League inspired other loan packages, including the 1924
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1635:
Economic Policies of International Institutions. From the beginning of the 20th century to the current globalisation process
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Even so, the League's advocacy, which included a plea for devaluation of the gold bloc currencies, played a key role in the
1932:
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Institution globale et marchés financiers : la Société des Nations face à la reconstruction de l'Europe, 1918-1931
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which were (mis)handled in a separate series of international conferences in which the EFO had little or no influence.
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opacity of decision-forming was viewed as helpful to manage the sensitive matters of economic and financial diplomacy.
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Private and public initiatives in the Economic and Financial Organization of the League of Nations in the early 1920's
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1021:
895:
309:
168:
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1562:"Report to the Council on the work of the fifty-first session of the Committee (Geneva, September 18th-26th, 1933)"
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256:
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The economic and financial organization of the League of Nations : a survey of twenty-five years' experience
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A decade later, the Committee still included Janssen (as Chair), Niemeyer, Strakosch, and ter Meulen, as well as
288:
275:
180:
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2003:
1992:, Johns Hopkins University Institute for Applied Economics, Global Health, and the Study of Business Enterprise
1371:"Transnationalism and the League of Nations: Understanding the Work of Its Economic and Financial Organisation"
712:
476:
1715:
1613:
1422:"La Société des Nations et l'apparition d'un nouveau réseau d'expertise économique et financière (1914-1923)"
960:
902:" in his own writing. In their view, the realistic way to promote that aim was to agree on exceptions to the
751:
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in 1945. It has been described as having had seminal influence on postwar economic institutions, notably the
1716:"Les conseillers étrangers à la Banque nationale d'Autriche 1923-1929 : contrôle ou coopération ?"
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After Austria in 1922, similar features were applied to the League-coordinated loans to Hungary (1924),
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The Greek state and the international financial community, 1922-1932: Demystifying the 'foreign factor'
1201:
998:
617:
605:
360:
260:
136:
1580:"League Of Nations (Financial Committee, Resignations) Volume 328: debated on Monday 1 November 1937"
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Kingdom. On that basis, the League established a Joint Provisional Economic and Financial Committee (
1865:
History of the Bank of Greece 1928-2008: From government's banker to guardian of financial stability
371:
332:
33:
1163:
588:
336:
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791:. In Bulgaria and Estonia, the existing national bank was restructured and made more independent.
1205:
1076:. Other economists who worked at the EFO and would attain later fame, often at the IMF, included
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259:
endorsed that proposal during a meeting in London on 13 February 1920, setting the scene for the
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established in late 1917. They had brought together enterprising civil servants such as Italy's
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978:
543:
486:
2153:
1323:
1307:
1147:
775:
380:
248:
232:
514:
1982:
1006:
903:
755:
584:
1615:
Central Banking in Central and Eastern Europe: Lessons From the Interwar Years' Experience
1490:"L'Organisation économique de la SDN et la naissance du régionalisme économique en Europe"
863:(French, 1926-1932); Jean Watteau (French, 1932-1934); Pierre Cheysson (French, 1934-1940)
832:
Adviser at the Austrian National Bank: Charles Schnyder von Wartensee (Swiss, 1923-1924);
8:
1216:
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956:
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Adviser at the Hungarian National Bank: Harry Arthur Siepmann (British, June 1924 – 1926)
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was the main architect of the League's loan framework pioneered with Austria in 1922-1923
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208:
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1966:
1915:
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1752:"Going multilateral? Financial markets' access and the League of Nations loans, 1923-8"
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persuaded the U.S. Department of State about the move, deftly invoking the memory of
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to take on the challenge, in conjunction with eloquent pleas by Austrian Chancellor
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and restrictive bilateral clearing agreements in the mid-1930s. It also worked on
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Commissioner-General in Hungary: Jeremiah Smith Jr. (American, May 1924-June 1926)
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1308:"The League of Nations and the Foreshadowing of the International Monetary Fund"
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Securing the World Economy: The Reinvention of the League of Nations, 1920-1946
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The EFO's first real action came later in 1922 with the financial distress of
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2026:"Inspecteurs des Finances en fonction auprès d'organisations internationales"
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292:
204:
39:
1803:"Stabilization Programs and External Enforcement: Experience from the 1920s"
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Adviser at the Bank of Greece: William Horace Finlayson (British, 1928-1937)
48:
where the Economic and Financial Organization staff worked from 1920 to 1936
2264:
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1065:
1010:
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In the late 1920s and early 1930s, partly in response to the surge of U.S.
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led that fledgling team and moved with it to Geneva in the course of 1920.
252:
224:
2253:"International currency experience : lessons of the inter-war period"
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The EFO kept employing numerous talented economists in its staff, such as
866:
Adviser at the Bulgarian National Bank: Jean Watteau (French, 1930-1932);
1196:
1176:
1053:
989:, the standardization of loan contracts, and restrictions on the sale of
659:
520:
413:
183:, who would play key roles in the war's aftermath. In February 1919, the
176:
156:
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2107:
1970:
1954:
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that would be critically influential in post-World War II developments.
636:. One flaw of the EFO doctrine, however, was insufficient insistence on
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2192:
1893:
1826:
1802:
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805:
283:
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1885:
Austrian Reconstruction and the Collapse of Global Finance, 1921–1931
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was on the staff from 1938 to 1943. In the late 1930s, the EFO hired
213:
200:
2208:
1818:
1690:
1630:
1460:
2024:
Fabien Cardoni; Nathalie Carré de Malberg; Michel Margaira (2012),
1184:
1162:, established in 1943, and had influence in the preparation of the
595:
1056:
served as specialist adviser on behalf of the British government.
1024:, but to no avail in the League's fast-deteriorating environment.
1749:
1001:, which had been decided outside of the League framework at the
906:
principle among some or all European countries, a form of trade
629:
271:
43:
2030:
Dictionnaire historique des Inspecteurs des finances 1801-2009
655:
328:
As of late 1923, the Financial Committee's members included
282:
In 1919, a prefiguration team of the League, located at 117
20:
Economic and Financial Organization of the League of Nations
628:, even though it made less headway towards restrictions on
278:
was the head of the EFO during its heyday from 1922 to 1931
223:
in the U.S. collected 150 signatures of luminaries such as
1848:, London: London School of Economics and Political Science
1369:
Patricia Clavin and Jens-Wilhelm Wessels (November 2005),
2071:"Estonia and Bulgaria: 100 Years of Diplomatic relations"
2004:"Elisina Tyler to Mildred Barnes Bliss, January 30, 1944"
1959:
Hungarian Journal of English and American Studies (HJEAS)
1838:
1136:
1160:
United Nations Relief and Rehabilitation Administration
1091:
Throughout the 1930s and early 1940s, similarly as the
1052:
had joined the EFO in 1930, and would stay until 1939.
977:
already started in the late 1920s and sponsored by the
1861:
2231:
2193:"The Economic and Financial Activities of the League"
1530:, University of Geneva Department of Economic History
1442:
199:
and Carel E. ter Meulen organized two conferences in
1540:
1445:"The International Financial Conference at Brussels"
843:(Dutch, 1924-1925); Robert Kay (American, 1926-1929)
812:
624:, including sound fiscal management and independent
2345:
H-Net Reviews in the Humanities and Social Sciences
1229:
International Committee on Intellectual Cooperation
1027:
937:
650:
2311:
1800:
955:, echoing the contemporaneous theoretical work of
695:, was the League's Commissioner-General in Austria
2190:
2154:"La Grèce et le projet Briand d'Union européenne"
1672:
1611:
1117:Monthly Bulletin of Statistics, Money and Banking
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163:imposed by the circumstances. These included the
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2118:(6), University of California Press: 1176–1181,
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1360:
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1356:
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1211:More recent scholarship, not least by historian
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602:international financial and economic conferences
596:International financial and economic conferences
195:In late 1919, Dutch financial community leaders
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1952:
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1346:
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1336:
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1072:as outside experts for its influential work on
391:French finance ministry official Gabriel Dayras
131:) was the largest of the technical arms of the
1750:Juan H. Flores and Yann Decorzant (May 2016),
1544:The Effect of the Treaty of Trianon on Hungary
1520:
1419:
1305:
951:orthodoxy and advocating policies directed at
600:The EFO was the linchpin of the four interwar
306:Commission économique et financière provisoire
263:that would be held in September–October 1920.
2250:
2019:
2017:
1881:
1852:
1713:
1487:
1113:Statistical Yearbook of the League of Nations
2191:Alexander Loveday (November–December 1938),
2158:Revue d'Histoire Moderne & Contemporaine
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1794:
1792:
1650:
1618:, Washington DC: International Monetary Fund
1415:
1413:
1411:
1329:
482:Louis de Chalendar (French Finance Ministry)
159:, which were also pioneering experiments in
2338:
2294:
1986:Money Doctors from the 1800s to the Present
1948:
1946:
1888:, Cambridge, MA: Harvard University Press,
1813:(3), International Monetary Fund: 584–621,
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920:Commission d'Études pour l'Union Européenne
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2014:
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1479:
1477:
1381:(4), Cambridge University Press: 465–492,
266:
32:
2227:
2225:
1789:
1745:
1743:
1741:
1739:
1737:
1735:
1733:
1709:
1707:
1408:
1943:
1668:
1666:
1664:
1662:
1511:
1301:
1299:
1297:
1295:
1293:
1291:
1289:
1287:
1285:
1283:
1281:
1279:
1277:
1275:
1273:
1271:
1269:
1166:and, beyond its own absorption into the
686:
654:
270:
2203:(6), Oxford University Press: 788–808,
2175:
1862:Michalis Psalidopoulos (October 2019),
1641:
1605:
1474:
1443:Harry Arthur Siepmann (December 1920),
1436:
1267:
1265:
1263:
1261:
1259:
1257:
1255:
1253:
1251:
1249:
379:Sekiba Teiji (Japanese delegate at the
203:whose participants included economists
2357:
2222:
1730:
1704:
1633:. In Brégianni, C.; Cussó, R. (eds.).
1172:General Agreement on Tariffs and Trade
581:(Japanese financial attaché in London)
1801:Julio A. Santaella (September 1993),
1659:
1234:Organisation of the League of Nations
1137:Wartime relocation and postwar legacy
1104:). It pioneered the nascent field of
129:Organisation économique et financière
26:Organisation économique et financière
2370:Organizations disestablished in 1946
2288:
2108:"The Briand Plan for European Union"
1246:
1013:has swung back towards freer trade.
2282:United Nations Library and Archives
2057:United Nations Library and Archives
1673:Margaret G. Myers (December 1945),
121:Economic and Financial Organization
13:
2375:Former international organizations
2278:"Sub-Fonds - Hill, William Martin"
2106:John B. Whitton (September 1930),
1839:Ioanna Pepelasis Minoglou (2014),
1093:Bank for International Settlements
852:Commissioner-General in Bulgaria:
797:International Financial Commission
167:established in late 1916, and the
14:
2386:
1022:International Labour Organization
932:Belgium–Luxembourg Economic Union
926:publicized in March 1931 and the
896:European Coal and Steel Community
818:Commissioner-General in Austria:
813:Officials appointed by the League
562:American lawyer Jeremiah Smith Jr
429:Argentine banker Carlos Tornquist
357:Italian banker Giuseppe Bianchini
169:Allied Maritime Transport Council
1933:"Jeremiah Smith Jr. (1870–1935)"
1720:Histoire, économie & société
1306:Louis W. Pauly (December 1996),
1028:Economic research and statistics
938:Policy developments in the 1930s
878:Walter James Franklin Williamson
876:Adviser at the Bank of Estonia:
651:Stabilization loans in the 1920s
354:Dutch financier Carel ter Meulen
2332:
2305:
2270:
2244:
2145:
2099:
2081:
2075:Embassy of Estonia in Bucharest
2063:
2045:
1996:
1976:
1925:
1875:
1832:
1622:
1590:
1312:Essays in International Finance
642:European banking crisis of 1931
376:(Czechoslovak Finance Ministry)
2339:Sally Marks (September 2013).
2234:"The League of Nations at IAS"
2232:Patricia Meria Clavin (2009).
1572:
1554:
1534:
765:
324:Financial Committee membership
1:
1953:Zoltán Peterecz (Fall 2009),
1541:Avis Slocum Cottrell (1931),
1375:Contemporary European History
961:Stockholm School of Economics
885:European integration advocacy
829:(Dutch, December 1922 – 1926)
752:Oesterreichische Nationalbank
150:
16:Body of the League of Nations
2238:Institute for Advanced Study
1566:National Library of Scotland
1144:Institute for Advanced Study
1102:Service d'études économiques
1018:Tripartite Agreement of 1936
493:José Manuel Figueras Arizcun
469:Federico Ettore Balzarotti (
454:Aoki Takeshi (Bank of Japan)
7:
2318:. Oxford University Press.
2312:Patricia P. Clavin (2013).
2124:10.1525/curh.1930.32.6.1176
1756:The Economic History Review
1679:Political Science Quarterly
1488:Éric Bussière (Fall 1993),
1222:
1150:. The Institute's director
1003:Lausanne Conference of 1932
966:Following the shock of the
924:Austro-German Customs Union
691:A.R. Zimmerman, previously
606:Brussels Conference of 1920
559:(Japanese Finance Ministry)
460:(Japanese Finance Ministry)
249:Richard Vassar Vassar-Smith
145:International Monetary Fund
93:; 79 years ago
10:
2391:
1612:Marcello De Cecco (1994),
1202:Latin American debt crisis
999:London Economic Conference
682:
668:collective action problems
575:(Italian Finance Ministry)
536:(National Bank of Belgium)
137:international organization
2152:Dimitri Kitsikis (1965),
1637:. Paris: LaDéHiS / EHESS.
1494:Relations Internationales
1387:10.1017/S0960777305002729
983:foreign exchange controls
930:of June 1932 between the
618:London Conference of 1933
614:Geneva Conference of 1927
466:(French Finance Ministry)
363:(French Finance Ministry)
105:
87:
72:
62:
54:
31:
24:
1871:, Athens: Bank of Greece
1318:, Princeton University,
1239:
1164:Bretton Woods Conference
820:Alfred Rudolph Zimmerman
610:Genoa Conference of 1922
589:Stockholms Enskilda Bank
348:South African financier
337:National Bank of Belgium
189:Supreme Economic Council
135:, and the world's first
25:
1584:UK Parliament - Hansard
1521:Yann Decorzant (2007),
1426:Critique Internationale
1420:Yann Decorzant (2011),
900:United States of Europe
781:Hungarian National Bank
544:M. M. Warburg & Co.
267:Establishment and setup
2251:Ragnar Nurske (1944),
2170:10.3406/rhmc.1965.3168
1882:Nathan Marcus (2018),
1714:Nathan Marcus (2016),
1130:World Economic Outlook
1101:
1084:, Folke Hilgerdt, and
979:Rockefeller Foundation
968:banking crisis of 1931
919:
696:
663:
487:Swiss Bank Corporation
333:Albert-Édouard Janssen
305:
279:
185:Paris Peace Conference
128:
2197:International Affairs
2093:Estonian E-Repository
1651:Éric Roussel (1996).
1148:Princeton, New Jersey
1125:World Economic Survey
1121:Review of World Trade
934:and the Netherlands.
870:(Estonian, 1932-1940)
776:Reparation Commission
756:J.P. Morgan & Co.
690:
658:
381:Reparation Commission
274:
233:Arthur Twining Hadley
2295:Martin Hill (1946),
1629:Roser Cussó (2019).
1597:Michel Fior (2008),
1449:The Economic Journal
1074:economic depressions
1007:most favoured nation
904:most favoured nation
880:(British, 1926-1930)
758:in New York and the
585:Marcus Wallenberg Sr
521:Danske Landmandsbank
1550:, Boston University
1217:epistemic community
957:John Maynard Keynes
750:as governor of the
729:Guglielmo Imperiali
719:, Czechoslovakia's
638:banking supervision
622:financial stability
261:Brussels Conference
209:John Maynard Keynes
107:Parent organization
21:
1894:10.2307/j.ctvqht5b
1675:"The League Loans"
1206:German reparations
1034:Gottfried Haberler
697:
693:mayor of Rotterdam
664:
479:(British Treasury)
426:'s Shimasuye Shozo
280:
220:the New York Times
19:
2365:League of Nations
2325:978-0-19-957793-4
1768:10.1111/ehr.12126
1086:Tjalling Koopmans
1062:Oskar Morgenstern
1042:John B. Condliffe
945:Alexander Loveday
432:Italian lawmaker
407:Polish economist
345:(Bank of England)
173:Bernardo Attolico
133:League of Nations
117:
116:
112:League of Nations
2382:
2349:
2348:
2336:
2330:
2329:
2309:
2303:
2302:
2292:
2286:
2285:
2274:
2268:
2267:
2248:
2242:
2241:
2229:
2220:
2219:
2188:
2173:
2172:
2149:
2143:
2142:
2103:
2097:
2096:
2085:
2079:
2078:
2067:
2061:
2060:
2049:
2043:
2042:
2021:
2012:
2011:
2000:
1994:
1993:
1991:
1980:
1974:
1973:
1950:
1941:
1940:
1929:
1923:
1922:
1879:
1873:
1872:
1870:
1859:
1850:
1849:
1847:
1836:
1830:
1829:
1807:IMF Staff Papers
1798:
1787:
1786:
1747:
1728:
1727:
1711:
1702:
1701:
1670:
1657:
1656:
1655:. Paris: Fayard.
1648:
1639:
1638:
1626:
1620:
1619:
1609:
1603:
1602:
1594:
1588:
1587:
1576:
1570:
1569:
1558:
1552:
1551:
1549:
1538:
1532:
1531:
1529:
1518:
1509:
1508:
1485:
1472:
1471:
1455:(120): 436–459,
1440:
1434:
1433:
1417:
1406:
1405:
1366:
1327:
1326:
1303:
1193:Great Depression
1058:Jacques J. Polak
987:securities fraud
928:Ouchy Convention
862:
842:
828:
749:
725:Gabriel Hanotaux
634:trade protection
574:
558:
535:
518:
501:
485:Léopold Dubois (
471:Credito Italiano
442:
409:Feliks Młynarski
404:
375:
241:J. P. Morgan Jr.
197:Gerard Vissering
179:, and Britain's
101:
99:
94:
83:
81:
49:
36:
22:
18:
2390:
2389:
2385:
2384:
2383:
2381:
2380:
2379:
2355:
2354:
2353:
2352:
2337:
2333:
2326:
2310:
2306:
2293:
2289:
2276:
2275:
2271:
2249:
2245:
2230:
2223:
2209:10.2307/3019413
2189:
2176:
2150:
2146:
2112:Current History
2104:
2100:
2087:
2086:
2082:
2069:
2068:
2064:
2051:
2050:
2046:
2040:
2022:
2015:
2002:
2001:
1997:
1989:
1981:
1977:
1951:
1944:
1931:
1930:
1926:
1904:
1880:
1876:
1868:
1860:
1853:
1845:
1837:
1833:
1819:10.2307/3867449
1799:
1790:
1748:
1731:
1712:
1705:
1691:10.2307/2144667
1671:
1660:
1649:
1642:
1627:
1623:
1610:
1606:
1595:
1591:
1578:
1577:
1573:
1560:
1559:
1555:
1547:
1539:
1535:
1527:
1519:
1512:
1500:(75): 301–313,
1486:
1475:
1461:10.2307/2222869
1441:
1437:
1418:
1409:
1367:
1330:
1304:
1247:
1242:
1225:
1213:Patricia Clavin
1152:Frank Aydelotte
1139:
1050:Louis Rasminsky
1030:
975:double taxation
953:full employment
940:
912:Aristide Briand
887:
868:Nikolai Köstner
856:
836:
822:
815:
768:
760:Bank of England
743:
685:
677:Baring Brothers
653:
598:
579:Tsushima Juichi
568:
552:
529:
512:
510:Emil Glückstadt
504:Banco de Bilbao
495:
436:
398:
369:
361:Jean Parmentier
350:Henry Strakosch
326:
269:
245:Fridtjof Nansen
165:Wheat Executive
161:planned economy
153:
108:
97:
95:
92:
79:
77:
50:
47:
27:
17:
12:
11:
5:
2388:
2378:
2377:
2372:
2367:
2351:
2350:
2331:
2324:
2304:
2287:
2269:
2243:
2221:
2174:
2164:(3): 203–218,
2144:
2098:
2080:
2062:
2044:
2038:
2013:
2008:Dumbarton Oaks
1995:
1975:
1965:(2): 285–305,
1942:
1937:Dumbarton Oaks
1924:
1902:
1874:
1851:
1831:
1788:
1762:(2): 653–678,
1729:
1703:
1685:(4): 492–526,
1658:
1640:
1621:
1604:
1589:
1571:
1553:
1533:
1510:
1473:
1435:
1407:
1328:
1244:
1243:
1241:
1238:
1237:
1236:
1231:
1224:
1221:
1168:United Nations
1156:Woodrow Wilson
1138:
1135:
1109:macroeconomics
1078:Marcus Fleming
1029:
1026:
939:
936:
886:
883:
882:
881:
874:
871:
864:
850:
847:
844:
834:Anton van Gijn
830:
814:
811:
789:Bank of Greece
785:Bank of Danzig
767:
764:
741:Richard Reisch
737:Montagu Norman
727:, and Italy's
717:Arthur Balfour
713:Basil Blackett
684:
681:
673:Czechoslovakia
652:
649:
597:
594:
593:
592:
582:
576:
563:
560:
547:
537:
524:
507:
490:
483:
480:
477:Basil Blackett
474:
467:
461:
455:
445:
444:
434:Cesare Tumedei
430:
427:
420:
411:
405:
394:German banker
392:
385:
384:
377:
367:Vilém Pospíšil
364:
358:
355:
352:
346:
340:
325:
322:
268:
265:
257:League Council
237:Herbert Hoover
217:in the UK and
187:established a
152:
149:
141:United Nations
115:
114:
109:
106:
103:
102:
89:
85:
84:
74:
70:
69:
67:United Nations
64:
60:
59:
56:
52:
51:
37:
29:
28:
15:
9:
6:
4:
3:
2:
2387:
2376:
2373:
2371:
2368:
2366:
2363:
2362:
2360:
2346:
2342:
2335:
2327:
2321:
2317:
2316:
2308:
2300:
2299:
2291:
2283:
2279:
2273:
2266:
2262:
2258:
2254:
2247:
2239:
2235:
2228:
2226:
2218:
2214:
2210:
2206:
2202:
2198:
2194:
2187:
2185:
2183:
2181:
2179:
2171:
2167:
2163:
2159:
2155:
2148:
2141:
2137:
2133:
2129:
2125:
2121:
2117:
2113:
2109:
2102:
2094:
2090:
2084:
2076:
2072:
2066:
2058:
2054:
2048:
2041:
2039:9782821837034
2035:
2031:
2027:
2020:
2018:
2009:
2005:
1999:
1988:
1987:
1979:
1972:
1968:
1964:
1960:
1956:
1949:
1947:
1938:
1934:
1928:
1921:
1917:
1913:
1909:
1905:
1903:9780674088924
1899:
1895:
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1886:
1878:
1867:
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1844:
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1824:
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1812:
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1769:
1765:
1761:
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1365:
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1235:
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1214:
1209:
1207:
1203:
1198:
1194:
1188:
1186:
1180:
1178:
1173:
1170:in 1945, the
1169:
1165:
1161:
1157:
1153:
1149:
1145:
1134:
1132:
1131:
1126:
1122:
1118:
1114:
1110:
1107:
1103:
1099:
1094:
1089:
1087:
1083:
1079:
1075:
1071:
1070:Jacques Rueff
1067:
1063:
1059:
1055:
1051:
1047:
1046:Ragnar Nurkse
1043:
1039:
1038:Jan Tinbergen
1035:
1025:
1023:
1019:
1014:
1012:
1008:
1004:
1000:
994:
992:
991:raw materials
988:
984:
980:
976:
971:
969:
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958:
954:
950:
949:gold standard
946:
935:
933:
929:
925:
921:
917:
913:
909:
905:
901:
897:
892:
891:protectionism
879:
875:
872:
869:
865:
860:
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851:
848:
845:
840:
835:
831:
826:
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714:
710:
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689:
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645:
643:
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635:
631:
627:
626:central banks
623:
619:
615:
611:
607:
604:, namely the
603:
590:
586:
583:
580:
577:
572:
567:
566:Fulvio Suvich
564:
561:
556:
551:
548:
545:
541:
540:Carl Melchior
538:
533:
528:
525:
522:
516:
511:
508:
505:
499:
494:
491:
488:
484:
481:
478:
475:
472:
468:
465:
464:Joseph Avenol
462:
459:
456:
453:
452:
451:
448:
440:
435:
431:
428:
425:
424:Bank of Japan
421:
419:
415:
412:
410:
406:
402:
397:
393:
390:
389:
388:
382:
378:
373:
368:
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347:
344:
343:Otto Niemeyer
341:
338:
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331:
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321:
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307:
303:
297:
294:
293:Per Jacobsson
290:
289:Walter Layton
285:
277:
276:Arthur Salter
273:
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254:
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246:
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205:Gustav Cassel
202:
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193:
190:
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181:Arthur Salter
178:
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148:
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68:
65:
61:
57:
53:
45:
41:
40:Palais Wilson
35:
30:
23:
2344:
2334:
2314:
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2237:
2200:
2196:
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2147:
2115:
2111:
2101:
2092:
2089:"Eesti Pank"
2083:
2074:
2065:
2056:
2047:
2029:
2007:
1998:
1985:
1978:
1962:
1958:
1936:
1927:
1884:
1877:
1864:
1841:
1834:
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1759:
1755:
1723:
1719:
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1678:
1652:
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1624:
1614:
1607:
1601:, Peter Lang
1598:
1592:
1583:
1574:
1565:
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1066:Bertil Ohlin
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396:Paul Kempner
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229:Robert Cecil
225:Gustave Ador
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1653:Jean Monnet
1197:Nixon shock
1177:Louis Pauly
1054:James Meade
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908:regionalism
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762:in London.
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157:World War I
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1912:j.ctvqht5b
1432:(3): 35–50
1195:, and the
806:Dawes Plan
616:, and the
550:Mori Kengo
284:Piccadilly
151:Background
2140:248843607
1920:157700178
1784:154676285
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416:governor
214:the Times
201:Amsterdam
88:Dissolved
73:Formation
63:Successor
2257:WorldCat
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1971:41274479
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1223:See also
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310:Assembly
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