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

abroad amortization Appendix Table Austria balance of payments bancor Belgium bilateral BILLIONS OF U.S. capital central banks Clearing Union competitiveness cost coun country's credit monetization creditor countries current account Denmark Deutsche Mark devaluation discrimination dollar holdings dollar shortage theory domestic drawing rights early postwar economic EPU Agreement Europe's European Monetary Agreement excess exchange controls exchange restrictions expenditures exports financing fluctuations foreign deficits France Fund's Germany gold and dollar Greece impact imports inconvertible increases inflation inflationary pressures initial International Monetary International Monetary Fund intra-European investment Italy Keynes plan liquidity index member countries ments million money supply multilateral negotiations Netherlands Norway OEEC Europe offset over-all overliquidity payments agreements policies prewar price rises production quota readjustments restoration 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 volume world-wide