THE RADCLIFFE COMMITTEE AND GOLD

T he R adcliffe C ommittee has nimbly side-stepped the question of the function which gold should perform in present-day monetary policy and the important related question of the price which gold should have in the framework of whatever function is allocated to it inside the broader confines of monetary policy. The index to the Report¹ indicates only seven paragraphs on the gold standard and the price of gold. It is, however, clear from the general tenor of the Report that the Committee no longer thinks of gold as money but as the basic constituent of exchange reserves.