Organization for European Economic Cooperation

Anonymous

International Organization, 1952, vol. 6, issue 4, 676-678

Abstract: 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.

Date: 1952
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