59. Memorandum From the President’s Assistant for International Economic Affairs (Peterson)1
- Paul A. Volcker
- Hendrick S. Houthakker
- C. Fred Bergsten
- Arthur B. Laffer
- Robert Solomon
As indicated in CIEP Study Memorandum No. 1 of March 8,2 the President has directed a basic review of our policy approaches toward the balance of payments and international monetary problems within the framework of the Council on International Economic Policy. He wants this work to proceed on a high priority basis. I have also discussed with the respective heads of your operations the virtue of keeping the initial work group small and restricted, to those with real expertise in the field.
I am, therefore, creating an Ad Hoc Group on the subject, comprised of the addressees of this memorandum. The President has also indicated that we should bring in the best people from outside Government to participate in our efforts as they develop.3 I am assuming, of course, the “Volcker Group” will continue to coordinate the implementation of U.S. international monetary and balance of payments policy. Everything I’ve heard is that this is one of the best interagency groups in the Government.
As I see it, we first need to lay out an agenda of the policy issues in this area which need to be discussed. I have discussed monetary problems with a number of people both inside and outside of Government during my six weeks here. I’m simply attaching a preliminary list of what some of those areas are that have come up in some of my discussions.
I would hope we could discuss these ideas, and others which you might suggest for our work agenda, at our first meeting on March 31 at 9:00 a.m. in my office.4 I would also hope we could discuss some ideas on how to go about the work, and what outside inputs we might use.[Page 145]
- Source: Washington National Records Center, Department of the Treasury, Files of Under Secretary Volcker: FRC 56 79 15, CIEP Study Memoranda. No classification marking. Copies were sent to Burns, Connally, Kissinger, and McCracken.↩
- Document 55.↩
- This directive has not been further identified.↩
- No record of a meeting has been found.↩