Abstract
The article briefly reviews the main features and problems of Italy’s trade relations with the sterling area. Unlike the pre-war situation, the trade relations between Italy and the sterling area have been characterised since World War II by a steadily active balance in favour of Italy, which has thus accumulated a sterling credit on London, while having at the same time to meet a heavy deficit on her dollar payments. This trend, first felt in 1945-46, took on a more rapid pace in 1949, facilitated by the return of the pound sterling to its official parity with the dollar on the Italian official market. It withstood even the devaluation of the pound sterling in September 1949. It has also made an impact within the European Payments Union, raising delicate problems for the Italian Government to solve.
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