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Keynes propose un système de compensation multilatérale qu'il appellerait l'union internationale de Clearing. « Les pays créditeurs font du crédit aux pays déficitaires ». Cette union internationale de Clearing serait « une banque centrale des banques centrales ». Keynes souhaite stabiliser les taux de change et éviter une trop forte expansion des liquidités, et propose des mesures pour rétablir l'équilibre des balances des paiements : les soldes excédentaires doivent aider à financer les soldes négatifs des pays déficitaires et les pays en excédents devraient faire des politiques de relance afin de stimuler la croissance des autres pays.

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