The improving economic climate in Europe in 1949 removed the reluctance of most European countries to make further progress towards convertibility and trade liberalisation. Europe was not yet prepared for general convertibility, but there was a common desire finally to escape from bilateralism, from trade discrimination, and from trade and exchange restrictions,1 which were the main obstacles to the expansion of competitive intra-European trading.
KeywordsTrade Liberalisation Payment Mechanism Debtor Country Credit Facility European Fund
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