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Organization for European Economic Cooperation

Published online by Cambridge University Press:  22 May 2009

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European Payments Union: On June 30 the Council of EPU decided that the organization should continue for an additional year in accordance with Article 11 of the agreement. Special arrangements had to be made with the Belgian-Luxembourg economic union and with Portugal to settle surpluses beyond their respective quotas up to June 30, 1952. The settlement with the Belgian-Luxembourg economic union consisted of a payment by the union of $80 million in gold as part repayment of the credit and, on the part of the Belgian-Luxembourg economic union, a supplementary tranche beyond her creditor quota of 85.2 u/a settled as 42.6 million in gold and 42.6 million in credit. After the various adjustments, the cumulative accounting surplus of the Belgian-Luxembourg economic union came to 415.8 million u/a of which 33.6 million were within the quota and 85.2 million were beyond the quota. In the case of Portugal, the union waived its rights to recover $3 million in gold and the Portuguese accounting surplus was reduced to 15 million u/a settled as to 6 million in gold and 9 million in credit.

Type
International Organizations: Summary of Activities: III. Political and Regional Organizations
Information
International Organization , Volume 6 , Issue 4 , November 1952 , pp. 676 - 678
Copyright
Copyright © The IO Foundation 1952

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References

1 For chart showing the relationship between the several organizations of European and Atlantic States, see this issue, Documents Section.

2 European Payments Union, Second Annual Report of the Managing Board, Paris, 08, 1952, p. 46Google Scholar.

3 Ibid., p. 51.

4 Organization for European Economic Co-operation, The Internal Financial Situation in member and associated countries, Paris, 08, 1952Google Scholar.

5 Ibid., p. 37.

6 New York Times, August 25, 1952.

7 International Financial News Survey, November 14, 1952.

8 See Council of Europe, Directorate of Information, Press Release IP/500, June 20, 1952; The Times (London), 07 23, 1952Google Scholar.

9 The Times (London), 07 24 and 08 1, 1952Google Scholar; New York Times, July 26, 1952.

10 The Times (London), 09 9 and 10, 1952Google Scholar.

11 Ibid., September 12 and 15, 1952.

12 Ibid., September 19, 1952.