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

adjustments amortization Appendix Table Austria automatic balance of payments bancor Belgium BILLIONS OF U.S. borrowing capital central banks Clearing Union commitments competitive 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 Europe 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 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 negotiations Netherlands OEEC offset operations over-all overliquidity par value policies postwar prewar production provisions quota readjustments reserves settlements stability sterling area surpluses Switzerland terms of trade tion trade and exchange trade and payments transactions U.S. dollars United Kingdom