Camille Gutt
Encyclopedia
Camille Gutt born Camille Guttenstein, was a Belgian
economist, politician, and industrialist. He served as the first Managing Director of the International Monetary Fund
(IMF) from 6 May 1946 to 5 May 1951. Camille Gutt was the architect of a monetary reform
plan that facilitated the recovery of the Belgian economy after World War II
.
, he was a son of Max Guttenstein and Marie-Paule Schweitzer. Max Guttenstein had moved to Belgium from Austria-Hungary
in 1877 and became a Belgian citizen in 1886. Camille Gutt attended high school at the Royal Athenaeum in Ixelles. Gutt obtained a Ph.D.
in legal studies, and a master's degree
in political and social sciences at the Université Libre de Bruxelles
(ULB).
and Groupe Empain as well as politics. During World War I
, Gutt worked for Georges Theunis
and again from 1920 until 1924 as his Chief of Cabinet. Later, Gutt also worked for the cabinet of Emile Francqui
. Camille Gutt was Minister of Finance of Belgium
in 1934-1935 and 1939-1940, Minister of Finance, Defence, Economics and Traffic in 1940-1942, Minister of Finance and economics in 1942-1943, and Minister of Finance in 1943-1944.
Gutt was responsible for saving the Belgian franc
before and after World War II
. Before the war, he saved the Belgian currency by secretly transferring the gold reserves of the Belgian National Bank out of Nazi reach. After the war, he stabilized the Belgian franc and forestalled inflation, with what still is known as the Gutt operation. Camille Gutt also played a major role in forging the Benelux
, and by this contributed to the formation of the European Union
.
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
economist, politician, and industrialist. He served as the first Managing Director of the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
(IMF) from 6 May 1946 to 5 May 1951. Camille Gutt was the architect of a monetary reform
Monetary reform
Monetary reform describes any movement or theory that proposes a different system of supplying money and financing the economy from the current system.Monetary reformers may advocate any of the following, among other proposals:...
plan that facilitated the recovery of the Belgian economy after World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
.
Early life
Born in BrusselsBrussels
Brussels , officially the Brussels Region or Brussels-Capital Region , is the capital of Belgium and the de facto capital of the European Union...
, he was a son of Max Guttenstein and Marie-Paule Schweitzer. Max Guttenstein had moved to Belgium from Austria-Hungary
Austria-Hungary
Austria-Hungary , more formally known as the Kingdoms and Lands Represented in the Imperial Council and the Lands of the Holy Hungarian Crown of Saint Stephen, was a constitutional monarchic union between the crowns of the Austrian Empire and the Kingdom of Hungary in...
in 1877 and became a Belgian citizen in 1886. Camille Gutt attended high school at the Royal Athenaeum in Ixelles. Gutt obtained a Ph.D.
Doctor of Philosophy
Doctor of Philosophy, abbreviated as Ph.D., PhD, D.Phil., or DPhil , in English-speaking countries, is a postgraduate academic degree awarded by universities...
in legal studies, and a master's degree
Master's degree
A master's is an academic degree granted to individuals who have undergone study demonstrating a mastery or high-order overview of a specific field of study or area of professional practice...
in political and social sciences at the Université Libre de Bruxelles
Université Libre de Bruxelles
The Université libre de Bruxelles is a French-speaking university in Brussels, Belgium. It has 21,000 students, 29% of whom come from abroad, and an equally cosmopolitan staff.-Name:...
(ULB).
Career
Camille Gutt worked in various industries, such as in the Société Générale de BelgiqueSociété Générale de Belgique
The Société Générale de Belgique was one of the largest companies that ever existed in Belgium. It was founded in 1822 by William I, and existed until 2003, when its then sole shareholder, Suez Lyonnaise des Eaux, merged it with Tractebel to form Suez-Tractebel.-History:As part of the terms of the...
and Groupe Empain as well as politics. During World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
, Gutt worked for Georges Theunis
Georges Theunis
Georges Emile Léonard Theunis was the 24th Prime Minister of Belgium from 16 December 1921 to 13 May 1925 and again from 20 November 1934 to 25 March 1935. He was governor of the National Bank of Belgium from 1941 until 1944.He received a military training and was also trained as an engineer...
and again from 1920 until 1924 as his Chief of Cabinet. Later, Gutt also worked for the cabinet of Emile Francqui
Emile Francqui
Emile Francqui was a Belgian soldier, diplomat and business man. Being an orphan, he was sent to the military school when he was 15 years old...
. Camille Gutt was Minister of Finance of Belgium
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
in 1934-1935 and 1939-1940, Minister of Finance, Defence, Economics and Traffic in 1940-1942, Minister of Finance and economics in 1942-1943, and Minister of Finance in 1943-1944.
Gutt was responsible for saving the Belgian franc
Belgian franc
The franc was the currency of Belgium until 2002 when the euro was introduced into circulation. It was subdivided into centimes , 100 centiem or Centime .-History:...
before and after World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
. Before the war, he saved the Belgian currency by secretly transferring the gold reserves of the Belgian National Bank out of Nazi reach. After the war, he stabilized the Belgian franc and forestalled inflation, with what still is known as the Gutt operation. Camille Gutt also played a major role in forging the Benelux
Benelux
The Benelux is an economic union in Western Europe comprising three neighbouring countries, Belgium, the Netherlands, and Luxembourg. These countries are located in northwestern Europe between France and Germany...
, and by this contributed to the formation of the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
.
Further reading
|journal=Relations Internationales |volume=99 |year=1999 |pages=289–305 }} . |location=Gerpinnes |publisher=Quorum/Ceges-Soma |year=2000 |isbn=287399102X }} ..External links
- IMF Archives
- United Nations Monetary and Financial Conference Final Act (Bretton Woods, New HampshireBretton Woods, New HampshireBretton Woods is an area within the town of Carroll, New Hampshire, USA, whose principal points of interest are three leisure and recreation facilities...
July 1 to July 22, 1944)