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85:. In the case of an excessively negative bancor balance, their currency’s exchange rate would be lowered, making imports more expensive and exports cheaper. In this way nations would be encouraged to buy other nations’ products.
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to keep their bancor balance close to zero by one of two methods: in the case of an excessively positive bancor balance, part of their surplus would be taken and applied to the
Clearing Union's
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between nations. Goods exported would add bancors to a country's account, while goods imported would subtract them. Each nation would be
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The
International Clearing Union (ICU) would be a global bank whose role would be the clearance of trade between nations, similar to a
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with every country as a member. All international trade would be denominated in a special unit of account, the proposed
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Gold and national currency would no longer be used in international trade and no longer move between countries.
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with national currencies, and would have been used to measure the
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132:, House of Lords Hansard, 18 May 1943 vol. 127 cc520-64.
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69:. The bancor was to have had a
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