141. Editorial Note
At a meeting in London on August 26, 1967, the Finance Ministers and Central Bank Governors of the Group of Ten considered a revised Outline of a Contingency Plan for creating a new entity in the form of special drawing rights, which was intended to meet future needs for a supplement to existing reserve assets. A 32-page detailed “informal report” of the meeting, undated, prepared by George H. Willis, is in the Johnson Library, National Security File, Fried Papers, Group of Ten Ministerial Meeting, London, August 1967 (ERF), Box 1. Copies of Francis Bator’s handwritten notes passed to Fowler during the meeting, together with Willis’ report, provide a blow-by-blow account of the negotiations. In addition, Bator in August 1996 prepared “Notes” explaining his notes written at Lancaster House. All are ibid., Bator Papers, Box 5. At the conclusion of the meeting, the Ministers and Governors issued a communique announcing that they had agreed on a text of an Outline of a Contingency Plan. For text of the communique, see Department of State Bulletin, September 25, 1967, page 396. The Outline Plan agreed to at the London meeting on August 26 has not been found but is summarized in the communique and in De Vries, The International Monetary Fund, 1966–1971, volume I, page 158.
The Outline was then considered by the IMF Executive Directors, who were expected to endorse the Outline, or a revised version of it, for approval in a resolution at the forthcoming annual meeting of the International Monetary Fund in Rio de Janeiro.
President Johnson welcomed the return of the U.S. delegation, which had been chaired by Secretary of the Treasury Fowler, at the White House on August 28. For text of the remarks by the President commending the work of the delegation as well as a statement by Fowler on this occasion, see Department of State Bulletin, September 25, 1967, pages 392–393. On the following day, August 29, Fowler issued a lengthy statement to the press reviewing the incremental progress on the creation of a monetary reserve asset; text is ibid., pages 393–396. Much of the background information in Fowler’s statement was made public earlier at the conclusion of the London Ministerial meeting on July 18 (see Document 134). Fowler’s August 29 press statement was also transmitted in circular telegram 29397 to all diplomatic posts, August 30. (Department of State, Central Files, FN 10) Telegraphic communications regarding the preparations for and results of the August 26 London meeting are ibid. Miscellaneous press materials as well as a copy of an undated letter from Fowler to Canadian Finance Minister Mitchell Sharp thanking him for his key role in resolving a serious impasse during the monetary discussions at Lancaster House are in the Johnson Library, Bator Papers, International Monetary Matters, Box 10.