The Council of the Organization for European Economic Cooperation, composed of cabinet members of the governments of the United Kingdom, France, Italy, Greece, Norway, Portugal, Belgium and the Netherlands, held a series of secret meetings during May and June in an attempt to solve the problem of intra-European trade and the intra-European payments system which was scheduled to end June 30, 1949. The principal objections to the existing payments system were that it was originally formed in a series of bilateral agreements between each of the countries, that the original agreements were based on estimates of the expected balance of payments which had in some cases been erroneous, and that existing quotas had stifled trade.