Abstract
This paper attempts to assess the advantages and disadvantages of a payments union for the Eastern European member countries of the former Council for Mutual Economic Assistance (CMEA). The main question is whether CMEA countries should be subject to a ‘shock’ therapy of rapid liberalisation or whether a more gradual approach with restricted convertibility would be advisable. The author analyses the case for multilateralism versus bilateralism and proposes a tentative partial compromise solution.
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