78:(OEEC) to create the EPU, all members signing the agreement on 1 July 1950. The EPU accounted for trades but did not transfer money until the end of the month. It changed the landscape from bilateral trades of necessity (trading with partners because of outstanding debts) to multilateral trades. The EPU also forced liberalization by mandating that members eliminate discriminatory trade measures. The EPU was a general success with trade levels more than doubling during its existence. By its close in 1958, convertibility of currency was a possibility, no longer needing government permissions in European countries.
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Reconstructing Europe's Trade and
Payments The European Payments Union
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European
Payments Union: Financial Diplomacy in the 1950s
158:Kaplan, Jacob J., and Gunther Schleiminger. 1989.
186:Pan-European trade and professional organizations
76:Organisation for European Economic Co-operation
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58:'s at its 1891 level. Trade was based on
42:. Of all the non-neutral powers, only the
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70:of trading. Some trade was reduced to
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153:. European University Institute.
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181:International trade organizations
54:'s GDP was at its 1908 level and
113:European System of Central Banks
133:. McGraw-Hill, London: 2004.
176:History of international trade
62:reserves (the only acceptable
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38:, economic depression struck
118:International Clearing Union
16:Former European organization
29:European Monetary Agreement
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162:. Oxford: Clarendon Press.
108:European Payments Council
88:European Unit of Account
74:. The situation led the
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143:Eichengreen, Barry.
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36:end of World War II
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68:opportunity cost
64:reserve currency
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124:References
60:US dollar
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82:See also
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72:barter
56:France
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196:Euro
135:ISBN
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44:GDP
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