Europe and the Money Muddle: From Bilateralism to Near-convertibility, 1947-1956

adjustments amortization Appendix Table Austria balance of payments bancor Belgium BILLIONS OF U.S. capital central banks commitments compensations competitiveness convertibility coun country's credit margins creditor countries currency current account debtor countries debts Deutsche mark devaluation discrimination dollar area dollar shortage 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 Fund intra-European Italy Keynes plan later liquidity member countries ments million monetization money supply negotiations Netherlands Norway OEEC offset operations over-all overliquidity par value policies postwar prewar production quota readjustments reserves settlements stability sterling area sterling balances surpluses Sweden Switzerland terms of trade tion trade and exchange trade and payments transactions U.S. dollars United Kingdom