The Group of Ten or G-10 refers to the group of countries that have agreed to participate in the General Arrangements to Borrow (GAB). The GAB was established in 1962, when the governments of eight International Monetary Fund (IMF) members—Belgium, Canada, France, Italy, Japan, the Netherlands, the United Kingdom, and the United States—and the central banks of two others, Germany and Sweden, agreed to make resources available to the IMF for drawings by participants, and, under certain circumstances, for drawings by nonparticipants. The GAB was strengthened in 1964 by the association of Switzerland, then a nonmember of the Fund, but the name of the G10 remained the same. The following international organizations are official observers of the activities of the G10: the Bank for International Settlements (BIS), European Commission, International Monetary Fund, and Organisation for Economic Co-operation and Development.
The Group of Ten signed the Smithsonian Agreement in December 1971, replacing the world's fixed exchange rate regime with a floating exchange rate regime.
Luxembourg is an associate member.
Famous quotes containing the words group and/or ten:
“The government of the United States at present is a foster-child of the special interests. It is not allowed to have a voice of its own. It is told at every move, “Don’t do that, You will interfere with our prosperity.” And when we ask: “where is our prosperity lodged?” a certain group of gentlemen say, “With us.””
—Woodrow Wilson (1856–1924)
“Now boys, remember you are the Twenty-third, and give them hell. In these woods the Rebels don’t know but we are ten thousand; and if we fight, and when we charge yell, we are as good as ten thousand, by God.”
—Rutherford Birchard Hayes (1822–1893)