The return to convertibility: 1926-1931 and 1958? Or convertibility and the morning after ?
DOI:
https://doi.org/10.13133/2037-3643/11971Keywords:
Convertibility, EEC, economic integration, international reserves, liquidity, world monetary system, national currenciesAbstract
The article analyses the return to convertibility which, although originally envisaged for 1953, finally materialised at the end of 1958 with the six countries of the European Economic Community taking the first step on the long road toward full integration of their national economies. The author considers two closely interrelated questions of particular urgency at this time. The first is that of preserving - or restoring - an adequate level of international reserves and liquidity in an expanding world economy. This quickly leads to the second and broader issue of the vulnerability of a world monetary system whose operation becomes increasingly dependent on one or a few national currencies as major components of international monetary reserves.
JEL: E42, F15, F31, F33, F36
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