Abstract
An arrangement proposed by the managing board of the European Payments Union to meet the situation which had arisen as a result of Belgium's having granted to other member countries far in excess of its stipulated quota was approved by the Council of the Organization for European Economic Cooperation on October 18, 1951. The plan provided that Belgian excess credits in EPU would be met for the next three months partly by payments in gold and partly by the granting of credit. Possible long-term solutions of the problem were to be investigated by the executive committee, which was to report by the end of the year.
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