Angell Plan

Summary of Angell Plan

A program, devised by James W. Angell, that called for reconstitution of the International Monetary Fund into a world central bank with currency-issuing authority. Under this proposal, individual national currencies would be retained for purely domestic settlements and, to a limited extent, for international settlements under IMF regulation. The plan itself was received coolly, but the analysis performed by Angell, and the concept of a truly internationalized settlement medium, proved useful foundations in establishment of SPECIAL DRAWING RIGHTS (read this and related legal terms for further details) by the International Monetary Fund.

(Main Author: William J. Miller)