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

abroad 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 monetization creditor countries currency current account debtor countries debts Deutsche Mark devaluation discrimination dollar area dollar holdings domestic drawing rights economic EPU Agreement EPU credits Europe's European Monetary Agreement European Payments Union excess exchange controls exchange rates exchange restrictions expenditures exports financing foreign deficit France Fund Fund's Germany gold and dollar gold payments Greece impact imports inconvertible increases inflation initial International Monetary International Monetary Fund intra-European investment Italy liquidity index member countries ments million money supply multilateral negotiations Netherlands Norway OEEC Europe offset operations over-all overliquidity policies prewar production quota readjustments reserves restoration settlements stability sterling area surpluses Sweden Switzerland terms of trade tion trade and exchange trade and payments transactions U.S. DOLLARS United Kingdom volume