If a Member withdraws from the Fund, the normal operations and operations of the Fund shall cease in its currency and all accounts between it and the Fund shall be settled with due diligence by agreement between the Member and the Fund. In the absence of a timely regulation, the regulation shall be subject to the provisions of Annex J. 2. If the assets of the Fund in the currency of the Member withdrawing the income are insufficient to pay the net amount due from the Fund, the balance shall be paid in a freely usable currency or by other agreed means. If the Fund and the withdrawing member do not reach an agreement within six months of the date of withdrawal, the currency in question held by the Fund shall be paid without delay to the member withdrawing the prize. The balance due will be paid in ten semi-annual instalments over the next five years. Each of these payments shall be paid, at the option of the Fund, either in the currency of the transferring member acquired after deduction or in a freely usable currency. Monetary agreements, attempts by two or more (bilateral) nations to regulate and coordinate their financial relations by treaty. The objectives are generally to promote trade by facilitating the payment of international debt and to maintain a stable exchange rate in each country by granting loans to deal with temporary balance of payments difficulties. After the Second World War, there was a significant movement towards multilateral monetary agreements, the most important of which were the International Monetary Fund and the European Payments Union (1950). Customs unions such as the European Community (EC) and the European Free Trade Association often require a high level of monetary cooperation, and the increasing European integration that has transformed the EC into the European Union (EU) has also led to increased monetary cooperation through the European Monetary System. In 1999, most EU countries adopted a single currency, the euro, which replaced the currencies of 12 Member States in 2002; Since then, other EU states have adopted it.

Monetary union, agreements between two or more States creating a single currency area. A monetary union implies the irrevocable fixing of the exchange rates of the national currencies that existed before the formation of a monetary union. Historically, monetary unions have been formed on the basis of both economic and political considerations. A monetary union goes hand in hand with the introduction of a single monetary policy and the creation of a single central bank, or with the creation of the existing integrative units of the national central banks of a common system of central banks. As a general rule, a monetary union involves the introduction of banknotes and common coins. However, this function could be shared among the participating States. Either they may be granted the right to issue coins or banknotes in the name of the common central bank system, or the respective national currencies become denominations of an invisible common currency. The currency received by the Fund from a terminating participant shall be used by the Fund to redeem the special drawing rights of the participants in proportion to the amount by which each participant`s holdings of special drawing rights exceed its cumulative net endowment at the time of receipt of payment by the Fund. Special Drawing Rights and Special Drawing Rights repurchased in this manner and acquired by a Withdrawing Participant in accordance with the terms of this Agreement in order to comply with and count towards a payment due under a Settlement Agreement or Annex H will be cancelled. Finally, by implementing the EMA, this agreement should help Europe move towards a global monetary union.

[2] The EMA was an established framework to advance the work of the European Payments Union, which was responsible for cooperation in the exchange of goods and services between countries. [6] In doing so, the EMA hoped to support the European Economic Community. It hopes to achieve this through a system of fixed exchange rates, a coherent economic policy and a Union in which factors of production such as capital and, in particular, labour could move freely. [2] The implementation of the European Monetary Agreement had various objectives, but there was one main objective. The EMA`s objective was to reduce short-term loans, a form of loan received between member countries. [5] It was hoped that this would be achieved through the changes made during the European Union`s transition from payments to the EMA. The EMA was a short-term phase as part of a long-term plan for Europe`s economic integration. [13] It followed previous agreements, all concluded to stimulate the growth and development of the European economy. This was done in particular by liberalizing trade and increasing production after the effects of World War II. [9] It was hoped that a high level of trade liberalization could be maintained between member countries of the Organisation for Economic Co-operation and Development, even if they did not yet have convertible currencies.

[11] The Fund, acting by a majority of eighty-five per cent of total voting rights, may determine that international economic conditions permit the introduction of a generalized system of exchange rate agreements based on stable but adjustable denominations. The Fund shall make this determination on the basis of the stability underlying the world economy and, to that end, shall take into account price movements and rates of expansion in the economies of its members. The determination shall take into account developments in the international monetary system, in particular sources of liquidity, and, in order to ensure the proper functioning of a nominal value system, arrangements under which members with surpluses and members with deficits in their balances of payments are rapidly effective. and symmetrical measures to achieve adaptation, as well as intervention mechanisms and to address imbalances. To this end, the Fund shall inform members that the provisions of Annex C apply. 1. Where the obligation remains after the set-off referred to in point (b) of Article XXIV(2) and no settlement agreement is reached between the Fund and the terminating participant within six months of the date of termination, the Fund shall redeem that balance of the Special Drawing Rights in equal semi-annual instalments within a maximum period of five years from the date of termination. The Fund shall reimburse, as determined by the Fund, either (a) to the terminating participant by paying the amounts made available to the Fund by the other participants in accordance with Article XXIV, Section 5, or (b) by allowing the terminating participant to use its special drawing rights to obtain its own currency or currency freely usable from a participant designated by the Fund; the General Resources account or another owner. The IMF`s objective was to monitor exchange rates and identify countries in need of global monetary support.

The World Bank, originally called the International Bank for Reconstruction and Development, was created to manage the funds available to support countries that had been physically and financially devastated by World War II. In the twenty-first century, the IMF has 189 member countries and continues to support global monetary cooperation. At the same time, the World Bank helps promote these efforts through its loans and grants to governments. The EMA had short-term effects, but also played a role in the final establishment of the European Union. [16] The European Union is the current monetary union, which has a common currency, the euro, and a high degree of cooperation and integration between Member States. [13] The EMA has contributed to this existence of a common currency and central bank. .