Regional payments and co-operation problems of Latin American central banks

Abstract

According to its final report, the results achieved by that meeting represent the first positive measures towards the negotiation, in a relatively near future, of a regional Latin American payments system. The participants agreed on the main characteristics of such a system. They agreed that any Latin American payments system will have to be optional both as regards membership of the countries of the region and the use .to be made of the system for clearing purposes and that in the present situation the operation of the mechanism should depend on the general balance of payments position of member countries and should not supply automatic credits to balance payments.