European Monetary Agreement
Encyclopedia
The European Monetary Agreement was an agreement signed in Paris on 5 August 1955. Administered by the Organisation for Economic Cooperation and Development, it is the successor of the European Payments Union
. It provides a multilateral settlement
system. The agreement was terminated by OECD in 1972 as its aims were largely replaced by the International Monetary Fund
.
European Payments Union
The European Payments Union was an organization in existence from July 1950, until December 1958, when it was replaced by the European Monetary Agreement.With the end of World War II, economic depression struck Europe...
. It provides a multilateral settlement
Settlement (finance)
Settlement of securities is a business process whereby securities or interests in securities are delivered, usually against payment of money, to fulfill contractual obligations, such as those arising under securities trades....
system. The agreement was terminated by OECD in 1972 as its aims were largely replaced by the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
.