118. Editorial Note
The Volcker Group met on March 11, 1969, to discuss international monetary issues and international monetary reform. Three papers had been distributed by Willis to members of the Group on March 10 and 11 as a basis for discussion at the meeting.
The first paper was entitled “Strategy for Improving International Monetary Arrangements” (VG/LIM/60-37, dated March 10). An earlier draft, dated March 6, indicates it was drafted by Willis. The transmittal memorandum on the March 10 paper notes that it was Part I of a Strategy paper and had been revised based on suggestions made during a Volcker Group meeting on March 8.
The second paper was Part II, the unilateral approach of the “Strategy for Improving International Monetary Arrangements.” The undated paper (VG/LIM/69-38) contains handwritten notations, presumably by Willis, many of which appear to relate to the views of Daane, Bergsten, Solomon, and others expressed during the March 11 Volcker Group meeting. A March 6 memorandum from Willis to T. Page Nelson indicates that Volcker had suggested reducing the alternatives for improving international monetary arrangements to two: A. move in the direction of the Bergsten approach of a dollar, and possibly other currency, blocs; and B. the Bernstein approach that would put the dollar on the same footing as other currencies. (Washington National Records Center, Department of the Treasury, Deputy to the Assistant Secretary for International Affairs: FRC 56 83 26, Contingency Planning 1965-1973, Current Problems and Contingency Planning 11/68-4/69) A revised version of Part II, attributed to Nelson, was distributed to the Volcker Group on March 17 (VG/LIM/69-47).
The third paper was Part III of the “Strategy for Improving International Monetary Arrangements,” subtitled “Procedure in the Event of Exchange Crises.”
The three papers, drafts, and transmittal memoranda are in the Washington National Records Center, Department of the Treasury, Volcker Group Masters: FRC 56 86 30, VG/LIM/31-VG/LIM/50. Other copies of the papers are ibid., Deputy to the Assistant Secretary of the Treasury for International Affairs: FRC 56 83 26, Contingency Planning 1965-1973. VG/LIM/69-48, Document 119, is presumably a synthesis of these three papers.