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European Payments

Volume 496: debated on Tuesday 26 February 1952

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asked the Chancellor of the Exchequer if he has considered the Report of the United Nations Economic Commission for Europe, indicating structural weakness in the European Payments Union, which enable Continental countries to pay for their dollar indebtedness partly at the expense of sterling; and what alteration in the structure he intends to propose in order to prevent this practice.

Some possibility of converting a surplus with Europe into dollars is inherent in the European Payments Union Agreement. The problems arising out of the present disequilibrium of European payments are under active consideration by the managing board of the Union.