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European Payments Union
The European Payments Union (EPU) was an organization in existence from July 1950 to December 1958, when it was replaced by the European Monetary Agreement. With the end of World War II, economic depression struck Europe. Of all the non-neutral powers, only the GDP of the United Kingdom had not decreased because of the war, West Germany's GDP was at its 1908 level and France's at its 1891 level. Trade was based on US dollar reserves (the only acceptable reserve currency), which Europe lacked. Therefore, the transfer of money (immediately after each transaction) increased the opportunity cost of trading. Some trade was reduced to barter. The situation led the Organisation for European Economic Co-operation (OEEC) to create the EPU, all members signing the agreement on 1 July 1950. The EPU accounted for trades but did not transfer money until the end of the month. It changed the landscape from bilateral trades of necessity (trading with partners because of outstanding debts) to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Monetary Agreement
The European Monetary Agreement (EMA) was an economic arrangement signed by 17 European countries in Paris on the 5th of August 1955. It replaced the European Payments Union which ended in 1958. The EMA was administered by the Organisation for Economic Co-operation and Development (OECD). The OECD did this to achieve economic integration by coordinating the exchange rates of the 17 member countries. This allowed the countries to directly convert their currencies and integrate their balance of payments accounts, which promoted free trade. Due to advanced facilities offered by the International Monetary Fund, the EMA was ended in 1972. The European Economic Community oversaw the EMA aiming to achieve a greater level of economic integration within Europe. The European Economic Community was the legal successor at the time, however it has advanced and is now referred to as the European Union. History Prior to the European Monetary Agreement, the European Payments Union was the ag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bretton Woods System
The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western European countries, Australia, and Japan after the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The Bretton Woods system required countries to guarantee convertibility of their currencies into U.S. dollars to within 1% of fixed parity rates, with the dollar convertible to gold bullion for foreign governments and central banks at US$35 per troy ounce of fine gold (or 0.88867 gram fine gold per dollar). It also envisioned greater cooperation among countries in order to prevent future competitive devaluations, and thus established the International Monetary Fund (IMF) to monitor exchange rates and lend reserve currencies to nations with balance of payments deficits. Preparing to rebuild the interna ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pan-European Trade And Professional Organizations
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Pan-European can refer to: * Pan-European identity * Pan-European corridors ** Pan-European Corridor X ** Pan-European Corridor Xa * Pan European Game Information * Pan-European Institute * Pan-European nationalism * Pan-European Oil Pipeline * Pan-European Pension * Pan-European Picnic * Paneuropean Union, a European unification group * Pan-European University * Paneuropean Working Group of the European Parliament * Honda ST series motorcycles, sold as the ''Pan-European'' in the UK & Europe See also * European integration * European political party * Pro-Europeanism * * * Transeuropean (other) * Transeuropa (other) * European (other) * Pan (other) * Proto-Indo-European language Proto-Indo-European (PIE) is the reconstructed common ancestor of the Indo-European language family. Its proposed features have been derived by linguistic reconstruction from documented Indo-European languages. No direct record of Proto-Indo-E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Trade Organizations
International is an adjective (also used as a noun) meaning "between nations". International may also refer to: Music Albums * ''International'' (Kevin Michael album), 2011 * ''International'' (New Order album), 2002 * ''International'' (The Three Degrees album), 1975 *''International'', 2018 album by L'Algérino Songs * The Internationale, the left-wing anthem * "International" (Chase & Status song), 2014 * "International", by Adventures in Stereo from ''Monomania'', 2000 * "International", by Brass Construction from ''Renegades'', 1984 * "International", by Thomas Leer from ''The Scale of Ten'', 1985 * "International", by Kevin Michael from ''International'' (Kevin Michael album), 2011 * "International", by McGuinness Flint from ''McGuinness Flint'', 1970 * "International", by Orchestral Manoeuvres in the Dark from '' Dazzle Ships'', 1983 * "International (Serious)", by Estelle from '' All of Me'', 2012 Politics * Political international, any transnational organization of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of International Trade
The history of international trade chronicles notable events that have affected the trade between various countries. In the era before the rise of the nation state, the term 'international' trade cannot be literally applied, but simply means trade over long distances; the sort of movement in goods which would represent international trade in the modern world. Chronology of events Ancient * The domestication of the horse around 4800 BCE allowed for the development of horse riding around 3700 BCE, and long distance travel across the Central Asian steppes. * * The Maritime Jade Road (2000 BCE to 1000 CE) was established by the animist indigenous peoples of Taiwan and the Philippines, and later expanded throughout Southeast Asia. The network operated for 3,000 years. * Indus–Mesopotamia trade * Records from the 19th century BCE attest to the existence of an Assyrian merchant colony at Kanesh in Cappadocia. * The domestication of Dromedary camels around 2,000 BCE allowed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Clearing Union
The International Clearing Union (ICU) was one of the institutions proposed to be set up at the 1944 United Nations Monetary and Financial Conference at Bretton Woods, New Hampshire, in the United States, by British economist John Maynard Keynes. Its aim was to establish regulation of currency exchange, a role eventually taken by the International Monetary Fund (IMF). The International Clearing Union (ICU) would be a global bank whose role would be the clearance of trade between nations, similar to a trade exchange with every country as a member. All international trade would be denominated in a special unit of account, the proposed bancor. The bancor was to have had a fixed exchange rate with national currencies, and would have been used to measure the balance of trade between nations. Goods exported would add bancors to a country's account, while goods imported would subtract them. Each nation would be incentivized to keep their bancor balance close to zero by one of two meth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European System Of Central Banks
The European System of Central Banks (ESCB) is an institution that comprises the European Central Bank (ECB) and the national central banks (NCBs) of all 27 member states of the European Union (EU). Its objective is to ensure price stability throughout the EU, and improve monetary and financial cooperation between eurozone and non-eurozone member states of the EU. Organization The process of decision-making in the Eurosystem is centralized through the decision-making bodies of the ECB, namely the Governing Council and the Executive Board. As long as there are EU member states which have not adopted the euro, a third decision-making body, the General Council, shall also exist. The NCBs of the Member States that do not participate in the euro area are members of the ESCB with a special statuswhile they are allowed to conduct their respective national monetary policies, they do not take part in the decision-making with regard to the single monetary policy for the euro area and th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Payments Council
The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro. , there were 36 members in SEPA, consisting of the 27 member states of the European Union, the four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland), and the United Kingdom. Some microstates participate in the technical schemes: Andorra, Monaco, San Marino, and Vatican City. SEPA covers predominantly normal bank transfers. Payment methods which have additional optional features or services, such as mobile phone or smart card payment systems, are not directly covered. However, the instant SEPA payment scheme facilitates payment products also on smart devices. Goals The aim of SEPA is to improve the efficiency of cross-border payments and turn the previously fragmented national markets for euro payments into a single domestic one. SEPA enables customers to make cashless eu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asian Clearing Union
The Asian Clearing Union (ACU) was established on December 9, 1974, at the initiative of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). The primary objective of ACU, at the time of its establishment, was to secure regional co-operation regarding the clearing of eligible monetary transactions among the members of the Union to provide a system for clearing payments among the member countries on a multilateral basis. Objectives * To facilitate settlement of payments on a multilateral basis, * To promote the use of participants' currencies, * To promote monetary co-operation among the participants, * To provide for currency swap arrangement among the participants. Settlement Process Period: Bimonthly Settlement Payment Deadline: T+4 Currency Swap Arrangements Eligibility: Any participant in net deficit Time of request: Before the end of a settlement period Amount: 20% of the average gross payments (ACU dollar/euro/yen accounts collectively ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marshall Plan
The Marshall Plan (officially the European Recovery Program, ERP) was an American initiative enacted in 1948 to provide foreign aid to Western Europe. The United States transferred over $13 billion (equivalent of about $ in ) in economic recovery programs to Western European economies after the end of World War II. Replacing an earlier proposal for a Morgenthau Plan, it operated for four years beginning on April 3, 1948. The goals of the United States were to rebuild war-torn regions, remove trade barriers, modernize Manufacturing, industry, improve European prosperity and prevent the spread of communism. The Marshall Plan proposed the reduction of interstate barriers and the economic integration of the European Continent while also encouraging an increase in productivity as well as the adoption of modern business procedures. The Marshall Plan aid was divided among the participant states roughly on a per capita basis. A larger amount was given to the major industrial powers, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Unit Of Account
The European Unit of Account (EUA) was a unit of account most notably used in the European Communities from 1975 to 1979, when it was replaced at parity by the European Currency Unit, in turn replaced at parity in 1999 by the euro. The EUA was introduced as the internal unit of account for the European Payments Union when that organisation was formed in 1950. The EUA was defined as 0.888671 grams of gold, or one US dollar. The unit was first used outside the EPU in 1961, when Kredietbank Luxembourgeoise issued a bond denominated in EUA. After the Nixon shock, collapse of the Bretton Woods system, the EUA was redefined as a basket of European currencies. The EUA was used for Lomé Convention and European Investment Bank operations before being gradually introduced into other sectors of Community activity. The EUA basket was designed to have the same value in mid-1974 as the IMF special drawing rights basket, both worth US$1.20635; they immediately moved apart in value. Different uni ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
End Of World War II In Europe
The final battle of the European Theatre of World War II continued after the definitive overall surrender of Nazi Germany to the Allies, signed by Field marshal Wilhelm Keitel on 8 May 1945 in Karlshorst, Berlin. After German dictator Adolf Hitler's suicide and handing over of power to German Admiral Karl Dönitz in May of 1945, the Soviet troops conquered Berlin and accepted German surrender led by Dönitz. The last battles were fought as part of the Eastern Front which ended in the total surrender of all of Nazi Germany’s remaining armed forces and the German surrender officially ended World War II in Europe, such as in the Courland Pocket from Army Group North in the Baltics lasting until 10 May 1945 and in Czechoslovakia during the Prague offensive on 11 May 1945. Final events before the end of the war in Europe Red Army soldiers from the 322nd Rifle Division liberated Auschwitz concentration camp on 27 January 1945 at 15:00. Two hundred and thirty-one Red Army ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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