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Organization for European Economic Cooperation: European Payments Union

Published online by Cambridge University Press:  22 May 2009

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Extract

Monthly statements issued by EPU during the period March 1954–December 1954 indicated that the German Federal Republic retained its position as chief creditor; United Kingdom monthly surpluses, while considerable, were less consistent than those of Germany. France showed a surplus for the month of July 1954, for the first time since June 1952, and by December 1954, had a cumulative surplus since June 30, 1954, of 6.7 million units of account. Settlements with France under the rule that gold paid by France would be recoverable to the extent that it had a net surplus for the period after June 30, 1954, reduced the amount of gold paid by France for deficits beyond its quota to 351.3 million units of account. Surpluses and deficits of other member countries were settled half in gold and half in credit, with the exception of Greece and Turkey, whose balances were settled in gold. As a result of EPU's December operations, its total of gold and convertible assets declined by 5.6 million units, to 422.9 million units.

Type
International Organizations: Summary of Activities: III. Political and Regional Organizations
Information
International Organization , Volume 9 , Issue 2 , May 1955 , pp. 306
Copyright
Copyright © The IO Foundation 1955

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References

12 For information on surplus and deficit settlement procedures adopted as of July 1, 1954, see International Organization, VIII, p. 602–603.

13 For the monthly statements issued during the period, see International Financial News Survey, VI, p. 325, 366, and 397; ibid., VII, p. 26, 73, 134. 181, and 237.