Trade and Payments in Western Europe: A Study in Economic Cooperation, 1947-51

By William Diebold Jr. | Go to book overview

CHAPTER THREE
THE FIRST INTRA-EUROPEAN PAYMENTS AGREEMENT, 1948-49

WHEN Marshall Aid began to flow, the OEEC devised a new payments agreement linking intra-European trade with American help. The central feature of the new agreement was the creation of "drawing rights," a device by which European debtor countries could obtain a certain amount of imports free from some of the other members of the OEEC. The drawing rights helped increase intra-European trade and, in effect, made a supplementary distribution of American aid. There were, however, a number of weaknesses in the new agreement: it rested on very dubious predictions about the course of trade; it did not give debtors strong incentives to balance their intra-European accounts; and it did little to break down the bilateral regulation of trade. This chapter describes the agreement in some detail, summarizes the use made of drawing rights, and discusses the main weaknesses of the new arrangement.


Negotiations

The OEEC's efforts to work out a new and effective payments agreement in the summer of 1948 were coupled with the biggest job it had undertaken, the allocation of American aid for the fiscal year 1949. Participating countries sub' mitted national economic programs which were, in effect, their applications for a share of dollar aid. Not unexpectedly, the total applications considerably exceeded the ECA's appropriations. The OEEC thereupon appointed a Committee of Four (delegates who were temporarily detached from their

-34-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Trade and Payments in Western Europe: A Study in Economic Cooperation, 1947-51
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
/ 494

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.