This exchange of information on request was supplemented by an automatic procedure on 29 October 2014. [2] The automatic process should be based on a common reporting standard. Recognizing that the main objective of the international monetary system is to create a framework facilitating trade in goods, services and capital among countries and to maintain sound economic growth, and that one of the main objectives is to further develop the orderly framework conditions necessary for financial and economic stability, each Member undertakes to: cooperate with the Fund and other members to ensure orderly exchanges and promote a stable exchange rate system. In particular, each member must: the legality of intergovernmental agreements (ISAs) has been challenged on the grounds that any agreement between governments meaningfully binding on any government constitutes a treaty. Since the U.S. Constitution does not allow the executive branch to unilaterally implement treaties without the consent of the Senate, many argue that GAs have no basis in the U.S. Constitution. [3] THE ISGs were not described or provided for in the Fatca legislation, but were designed and implemented a posteriori, when it became clear that FATCA would fail without it. [4] The Fund may find, by a majority of eighty-five per cent of total voting rights, that international economic conditions allow for the establishment of a generalized trading system on the basis of stable but customizable nominal values. The Fund shall make the assessment on the basis of the underlying stability of the world economy and shall take into account, for this purpose, price developments and rates of expansion in the economies of members. The determination shall take into account developments in the international monetary system, taking into account in particular sources of liquidity, and, in order to ensure the proper functioning of a nominal value system, the rules according to which surplus members and deficit members of their balances of payments are immediate and efficient; and symmetrical measures to achieve adaptation, as well as provisions for intervention and treatment of imbalances.

After such a finding, the Fund shall inform the members that the provisions of Scheme C shall apply. . . .