The European monetary co-operation

Abstract

This paper is essentially based on the Annual Reports of the European Payments Union, in particular the Final Report covering the period from 1 July to 27 December, 1958 as well as the Annual Reports of the European Monetary Agreement, 1959-1971 both series having been published by OEEC and OECD respectively. The paper has adopted a predominantly empirical approach thus leaving aside most of the technical implications. These have, moreover, sufficiently been dealt with in the IMF papers "Regional Payments Arrangements among Developing Countries", Code number DM 71/62, 10th August, 1971 and Payments Arrangements and the Expansion of Trade between Ghana and the Entente Countries", 6th March, 1972. Attention is furthermore drawn to the "Report of the Expert Group of E.C.A. on an African Payments Union", submitted €0 the Sixth Session of the Commission, held in Addis Ababa from 19th February to 3rd March, I964.