Editorial Note
Another major initiative undertaken by the United States at the Second Session of the Contracting Parties looked towards the implementation of Article XV of the General Agreement on Tariffs and Trade, which called for cooperation between the Contracting Parties and the International Monetary Fund with regard to the interrelated questions of exchange rates and quantitative restrictions. On August 24 the Contracting Parties accepted a United States proposal dated August 18 (introduced by the United States delegate, John M. Leddy) which formulated the drafts for an exchange of letters between the Contracting Parties and the Fund which established cooperative arrangements between the two with regard to Article XV. The decision of the Contracting Parties had the approval of the International Monetary Fund observer at the Second Session, Ahmed Zaki Saad. The texts of the letters subsequently exchanged are printed infra.