The European Payments Union (EPU) can be credited with two achievements. It restored partial convertibility and so made multilateral trade liberalisation possible and it strengthened the economic cooperation between participating countries. There was, on the other hand, a risk involved, namely that a sheltered, soft currency, high cost area would be created as a result of the regional aspect of EPU and the automatic character of its credits. This danger was averted because of special factors: the prevalent ideal of worldwide convertibility, the multilateral surveillance, the competitiveness of the area, pressure of the American aid-giver etc. Care should be taken that as many of these factors as possible should be present when a group of less developed countries concludes some sort of payments agreement, particularly because some of the factors are almost certain to be absent. If, however, prospects are favourable, developed countries could use part of their aid to further payments agreements among groups of less developed countries. In so doing they would stimulate the creation of larger markets in the less developed world, so vital for its development. Moreover, in this way donor countries would be able to influence the economic performance of the less developed countries.