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1954
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Robert Triffin, « Convertibilité ou intégration ? », Économie appliquée (documents), ID : 10.3406/ecoap.1954.3854
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Résumé
Monetary convertibility and economic integration are complementary rather than alternative objectives. Full convertibility implies the absence of both exchange control and trade restrictions. It is thus equivalent to free trade , and impossible in practice. Workable convertibility is defined by the free arbitrage between currencies and the absence of discriminatory trade restrictions. It is antagonistic to bilateralism. Thus defined , convertibility requires some degree of integration of the monetary and economic policies of the main countries. This is necessary to avoid both the danger of unemployment and the risk of any one country reaping the benefits of making its currency inconvertible , when other currencies remain convertible. In practice, worldwide integration would be clumsy and unnecessary. There is therefore wide scope for regional arrangements. Even then, mone¬ tary integration may call for some degree of political integration. The paper ends by suggesting some lines along which intra-European monetary institutions and policies should be modified so as to reach the objective of convertibility.
