Group of Ten (economic)
- Group of Ten (economic)
The Group of Ten or G10 refers to the group of countries that have agreed to participate in the
General Arrangements to Borrow (GAB). The GAB was established in1962 , when the governments of eightInternational Monetary Fund (IMF) members—Belgium ,Canada ,France ,Italy ,Japan , theNetherlands , theUnited Kingdom , and theUnited States —and the central banks of two others,Germany andSweden , agreed to make resources available to the IMF for drawings by participants, and, under certain circumstances, for drawings by nonparticipants. The GAB was strengthened in1964 by the association ofSwitzerland , then a nonmember of the Fund, but the name of the G10 remained the same. The following international organizations are official observers of the activities of the G10: TheBank for International Settlements (BIS),European Commission ,IMF , andOECD .The Group of Ten signed the
Smithsonian Agreement in December1971 , replacing the world'sfixed exchange rate regime with afloating exchange rate regime.Luxembourg is also an "associate member".References
* [http://www.imf.org/external/np/exr/facts/groups.htm IMF]
* Oxford Dictionary of Finance and Banking, ISBN 0-19-860749-0
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