The first two IMF Managing Directors, Camille Gutt and Ivar Rooth, both independently described their experiences as ‘the worst years’ of their lives. There was a perception that the Fund was ill suited to the post-war environment and had become a ‘white elephant’ and a ‘bank without clients’ Games 1996, 83–4, 91, 102). In the early years, there had been several devaluations and several renegade currencies floating. But after 1957, the IMF was pleased to report a reversal of these tendencies. The return of the prodigal Italian, Greek and Canadian currencies was especially welcomed: these experiences reinforced IMF prejudices against fluctuating rates (de Vries 1969, 164). In December 1958, Jacobsson negotiated with the French to establish a par value with the IMF for the first time since 1946 Games 1996, 106–7). Afterwards, to preserve the par value system, the international policemen began insisting that exchange rate adjustment could only be considered under very exceptional conditions (Machlup 1966a, 65). Thus the IMF was regarded as having come of age at this time (Krause 1971, 14).
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