MEMORANDUM
 
 
 
PROCEDURE IN DISCUSSIONS CONCERNING MONETARY STABILIZATION
 
 
 
Mr. Myron Taylor:(Chairman, Committee on Post-War Economic Policy,   
one section of which deals with monetary stabilization)
 
 
 
S - Mr. Secretary:
 
     
 
 
It seems both to Dr. Pasvolsky and myself that the time has now come   
when this Department, through the Secretary, should establish:
 
    
 
 
 (1) The procedure by which a determination of policy in monetary   
         stabilization shall be made, and
 
    
 
 
 (2) The method by which future negotiations shall be carried on.
 
     
 
 
The present state of the record is this: the Treasury has been   
conducting informal discussions with technicians.representing the various   
governments. These are on an informal and technical level and bind no one.   
These culminated in a group discussion at the Treasury which technical   
experts from some 16 countries attended and expressed various views for   
the enlightenment of all concerned.
 
     
 
 
Pursuant to the Secretary's instructions, Dr. Pasvolsky and I attended   
but did not take any very active part in the discussion, representing rather   
the Department's paramount interest than any commitment to a particular plan.
 
     
 
 
Subsequent thereto meetings have been had between experts of Treasury,   
Federal Reserve Board, Board of Economic Warfare and the Reconstruction   
Finance Corporation. Both Dr. Pasvolsky and I were at one of those meetings.   
No final conclusion was reached or could be reached, although harmonization   
of the views of the Treasury and Federal Reserve was affected. It would seem,   
therefore, that there was considerable measure of agreement between   
technicians of the United States Government.