ABSTRACT
During the 61st Conference of the International Law Association ("ILA"), held in Paris from August 26th to September 1st, 1984, the ILA Committee on Legal Aspects of a New International Economic Order ("the Committee") recalled that its original programme had contained monetary and financial problems as matters to be studied within a NIEO context. The Report submitted to the Paris Conference specially mentioned as areas to be considered item 11 and the IMF part of item 15 in the list of problems, which Professor Schachter had submitted for further study, as well as a list of questions submitted by the Netherlands Branch. 2 Item 11 consisted of the questions whether a need exists for new international legal rules and procedures with regard to developing countries' debt problems and what proposals would likely be acceptable. Item 15 contained the question in what respect GATT and the IMF operate in ways that are contrary to NIEO objectives and what recommendations could be made that would stand a chance of being accepted by member countries of the Organization for Economic Cooperation and Development. The list of legal questions concerning monetary matters which deserves further study by the Committee, drawn up by the Netherlands Branch, enumerated a wide range of topics, from debt-related issues and innovations in the operation of the mechanism for allocating Special Drawing Rights ("SDRs") to the workings of the International Monetary Fund ("IMF" or "Fund") and the incidence of the European Monetary System and the European Currency Unit on the global monetary system. The terms of reference of the Committee's Subcommittee IV on monetary and financial matters were further drawn 75at the Committee meeting in Belgrade from April 11th to 13th, 1985. These terms of reference stress the need to have regard to the feasibility of the recommendations that may be formulated and call to mind the work being undertaken by the ILA's Committee on International Monetare Law ("MOCOMILA") with respect to the international debt problem. 3
