Europe and the money muddle: from bilateralism to near-convertibility, 1947-1956

abroad adjustments amortization Appendix Table Austria balance of payments bancor Belgium capital central banks commitments competitive convertibility coun country's credit margins creditor countries currency current account debtor countries Deutsche mark devaluation discrimination dollar area dollar holdings dollar shortage theories drawing rights economic EPU Agreement EPU credits Europe's European Monetary Agreement European Payments European Payments Union excess exchange controls exchange rates exchange restrictions expenditures exports financing France Fund's Germany gold and dollar gold payments Greece impact imports inconvertible increase inflation inflationary initial International Monetary International Monetary Fund intra-European Italy Keynes plan later liquidity member countries ments million monetization money supply multilateral negotiations Netherlands OEEC Europe offset operations over-all overliquidity policies postwar prewar production quota readjustments reserves settlements stability sterling area sterling balances surpluses Switzerland terms of trade tion trade and exchange trade and payments transactions U.S. dollar United Kingdom