Camille Gutt

Camille Gutt
Camille Gutt at the Bretton Woods Conference, 1944.
1st Managing Director of the IMF
In office 6 May 1946 – 5 May 1951
Preceded by	inaugural
Succeeded by	Ivar Rooth
Personal details
Born	Camille Guttenstein (1884-11-14)14 November 1884 Brussels, Belgium
Died	Brussels, Belgium
Nationality	Belgium
Alma mater	Université Libre de Bruxelles
Profession	Lawyer, economist
Religion	Judaism

Camille Gutt (14 November 1884 – 7 June 1971), 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.

Early life

Born in Brussels, 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). During his study, he met Claire Frick, who he married in 1906. The marriage gave birth to three sons: Jean-Max (1914-1941), François (1916-1944) and Etienne (1922-).

Career

Camille Gutt worked in various industries, such as in the Société Générale de Belgique 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, Economics and Traffic in 1940-1942, Minister of Finance and economics in 1942-1943, and Minister of Finance in 1943-1944 in the Belgian government in exile in London.

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.

Selected publications

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Further reading

• (French).
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External links

• IMF Archives
• United Nations Monetary and Financial Conference Final Act (Bretton Woods, New Hampshire July 1 to July 22, 1944)

Civic offices
Preceded by inaugural	Head of the International Monetary Fund 1946–1951	Succeeded by Ivar Rooth