The International Clearing Union was a global financial institution proposed by the British economist John Maynard Keynes at the 1944 United Nations Monetary and Financial Conference at Bretton Woods, New Hampshire, intended to regulate international currency exchange by clearing trade balances between countries through a common accounting unit called the bancor, removing gold and national currencies from international settlement. The proposal was never adopted; the conference instead created the International Monetary Fund to take on the regulatory role Keynes had envisioned for his Clearing Union.
Facts
Partially Attested
Founding YearProposed in 1944 but never established. Classification
Institution SubtypeInternational Financial Institution 1 Sources
1. International Clearing Union - Wikipedia
Opening paragraph
The International Clearing Union (ICU) was one of the institutions proposed to be set up at the 1944 United Nations Monetary and Financial Conference at Bretton Woods, New Hampshire, in the United States.
Lead paragraph
was one of the institutions proposed to be set up at the 1944 United Nations Monetary and Financial Conference at Bretton Woods, New Hampshire, in the United States, by British economist John Maynard Keynes.
In Group: Global Economic and Monetary Organizations, Lead
The International Clearing Union (ICU) was one of the institutions proposed to be set up at the 1944 United Nations Monetary and Financial Conference at Bretton Woods, New Hampshire, in the United States, by British economist John Maynard Keynes.
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