The International Monetary Conference was held in Paris from 17 June to 6 July 1867, the first of a series of

international monetary conferences The international monetary conferences were a series of assemblies held in the second half of the 19th century. They were held with a view to reaching agreement on matters relating to international relationships between national currency systems. B ...

. The conference was the brainchild of French statesman

Félix Esquirou de Parieu Marie-Louis-Pierre Félix Esquirou de Parieu (13 April 1815– 8 April 1893) was a French statesman. Life Born in Aurillac, Cantal, Esquirou de Parieu was notably Minister of National Education (France), Minister of Education and Public Worsh ...

, who had been instrumental in the creation two years before of the Latin Monetary Union.

Overview

The Paris Exhibition of 1867 furnished the occasion for summoning the conference, which was attended by Austria, Baden, Bavaria, Belgium, Denmark, Greece, France, Italy, the Netherlands, the Ottoman Empire, Portugal, Prussia, Russia, Spain,

Sweden Sweden, formally the Kingdom of Sweden,The United Nations Group of Experts on Geographical Names states that the country's formal name is the Kingdom of SwedenUNGEGN World Geographical Names, Sweden./ref> is a Nordic country located on ...

(jointly with Norway),

Switzerland ). Swiss law does not designate a ''capital'' as such, but the federal parliament and government are installed in Bern, while other federal institutions, such as the federal courts, are in other cities (Bellinzona, Lausanne, Luzern, Neuchâtel ...

, the United Kingdom, the United States, and Württemberg. The inaugural session was chaired by French foreign minister

Lionel de Moustier Lionel Désiré-Marie-René-François de Moustier (23 August 1817 – 5 February 1869) was a French diplomat and politician. Early years Lionel Désiré-Marie-René-François, Marquis de Moustier was born in Paris on 23 August 1817, son of Cléme ...

, then the next three by Parieu. As the conference was viewed as having had a successful start, Napoleon III, as a sign of imperial approbation, deisgnated Prince Napoléon-Jérôme Bonaparte to take the chair; the prince chaired the last four sessions. By Parieu's advice, a scheme was approved recommending the adoption of the single gold standard,

decimalisation Decimalisation or decimalization (see spelling differences) is the conversion of a system of currency or of weights and measures to units related by powers of 10. Most countries have decimalised their currencies, converting them from non-decimal ...

of currencies, and the coordination of the various currencies with the French currency system. Difficulties as to the mode of bringing these principles into practical operation were discussed, and full liberty had to be given to the several nations to carry out the proposals in the way that seemed best. The conference concluded on , with a stance favorable to the gold standard (as was Parieu's preference) but recognition that the transition from

bimetallism Bimetallism, also known as the bimetallic standard, is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, typically gold and silver, creating a fixed rate of exchange betwee ...

would be gradual. The aftermath proved that the obstacles to international standardization of currency were insurmountable. The

British government ga, Rialtas a Shoilse gd, Riaghaltas a Mhòrachd , image = HM Government logo.svg , image_size = 220px , image2 = Royal Coat of Arms of the United Kingdom (HM Government).svg , image_size2 = 180px , caption = Royal Arms , date_es ...

could not obtain the assent of a Royal Commission to the pegging of the

sovereign ''Sovereign'' is a title which can be applied to the highest leader in various categories. The word is borrowed from Old French , which is ultimately derived from the Latin , meaning 'above'. The roles of a sovereign vary from monarch, ruler or ...

to the 25- franc piece. The course of political events soon completely altered the relative position of the leading countries, including in their monetary relations. Germany and the United States reformed their currencies in the 1870s without reference to any international considerations.

Notes

Conference A conference is a meeting of two or more experts to discuss and exchange opinions or new information about a particular topic. Conferences can be used as a form of group decision-making, although discussion, not always decisions, are the main p ...

19th-century diplomatic conferences 1867 conferences 1867 in France Diplomatic conferences in France Gold standard Global economic conferences Economic history of Paris {{Econ-hist-stub

Overview

See also

Notes