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4. I THINK WE WOULD ALL AGREE THAT THE STERLING AGREEMENTS HAVE BUILT AN ELEMENT OF STABILITY INTO THE INTERNATIONAL MONETARY SYSTEM WHICH HAS OPERATED TO THE BENEFIT OF HOLDERS OF STERLING OVER THE PAST. FIVE YEARS, I BELIEVE WE WOULD ALL WISH TO CONTINUE TO BENEFIT FROM SUCH STABILITY AND THAT WE MUST CONSIDER WHETHER SOME SORT OF ARRANGEMENT LIKE THE STERLING AGREEMENTS COULD PROVIDE AN ELEMENT OF MUTUAL ASSURANCE WHILE WE WORK TOWARDS
AN ORDERLY EVOLUTION OF THE INTERNATIONAL MONETARY SYSTEM. TO
THIS END,
IT WOULD AS I SEE IT BE BENEFICIAL TO ALL HOLDERS OF STERLING AND TO THE UK, IF, IN THE PERIOD AHEAD, AGGREGATE STERLING HOLDINGS WERE TO REMAIN AT ROUGHLY THEIR PRESENT
LEVEL.
5. IT IS, HOWEVER, LESS THAN EASY IN FACE OF SUCH A WIDE RANGE OF UNCERTAINTIES TO DEFINE HOW THIS STABILITY MIGHT BEST BE ACHIEVED. I HAVE OF COURSE HAD VERY MUCH IN MIND THE VIEWS EXPRESSED IN THE CONSULTATIONS HELD A YEAR AGO. BUT AS I HAVE SAID, CIRCUMSTANCES ARE NOW MUCH CHANGED AND I SHOULD WELCOME ANY INDICATION YOU MAY CARE TO SEND ME OF YOUR OWN VIEWS ON THIS MATTER. IN THE MEANTIME I SHALL BE GIVING FURTHER THOUGHT TO THE POSSIBILITIES AND WILL WRITE TO YOU AGAIN 300N, PROBABLY
IN EARLY SEPTEMBER.
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