Abstract
Preceding the current European Monetary System was a more ambitious plan for European monetary integration known as the European Payments Union, created in 1950. This plan was largely based on principles expounded by Maynard Keynes in the early 1940s. Although the Payments Union did not come to full fruition, mainly for political reasons, it is recognised that it was instrumental in promoting and developing intra-European trade. This article examines the influence on the Keynes proposals of an earlier plan put forward by a German economist, Dr Schacht.
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