Problems of E.P.U. and Italian commercial policy

Abstract

The article synthesises the factors which have led to the present “crisis” in the E.P.U. and sets out some of the possible solutions. Looking at the particular situation of Italy, the author favours a commercial policy which is clearly non-discriminatory not only in respect of imports but also in respect of exports. The position of Italy in the E.P.U., he observes, will probably continue to be a debtor one for some considerable time, carrying with it the obligation to make full payment in gold or convertible currency. On the other hand, the increasingly keen competition which is evident both within the E.P.U. area and in the areas with convertible currencies confirms the necessity of expanding the volume of trade with other areas. And this necessity gives increased actuality to the problem of freeing international trade from the restrictions which limit it vis- a -vis certain countries. “A condition for the continuation of the liberalisation of imports” he concludes “is the liberalisation of exports”.