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

accept adjustments agreed Agreement amount Austria authorities balance of payments Belgium bilateral Board capital central banks changes Clearing commitments competitiveness continued controls convertibility cost countries country's creditor currency debtors deficits demand devaluation discrimination dollar domestic drawing economic effect Europe European excess exchange rates expenditures exports external fact Finally financing force foreign France Fund further Germany gold granted hand holdings impact imports increase inflationary initial interest intra-European investment Italy later less liberalization limited liquidity major ments million monetary money supply multilateral negotiations Notes objectives OEEC operations over-all particularly period policies position postwar pressures problem production progress provisions quota regional relation remained require reserves respect restoration restrictions result rise settlements shortage stability sterling surpluses Table tion trade transactions transferable Union United Kingdom volume