ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Industry-Output Restriction

have the approval of members holding at least 75 per cent of the quotas; henceforth such decisions must be backed by 80 per out of the quotas. In other words, while in the past a decision could be blocked by members holding 25 per cent of the quotas, now such a veto can be exercised by members holding as little as 20 per cent. The rationale' of this change is obvious. Under the new arrangements proposed, the UnitedStates of America, instead of holding 20.8 per cent of the Fund quotas, will hold 20 per cent. In order that its will may continue to be decisive, it became necessary to alter the Fund's Articles of Agreement.

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