THE EUROPEAN MONETARY AGREEMENT, THE EUROPEAN PAYMENTS UNION, AND CONVERTIBILITY.

The article examines the development and operations of two finance and payment settlement systems, the European Monetary Agreement (EMA) and the European Payments Union (EPU). The EMA funds for the European Fund and a multilateral settlements system. It is the designated successor to the EPU, to become effective when some Organisation for European Economic Co-operation (OEEC) charter nations have converted their currencies. The Fund will provide its members with credit in order to help them with balance of payments conflicts.