Dollar Shortage

Archive Report

The Dollar Crisis and European Recovery

The widened gap between imports and exports in Western Europe's trade with the Western Hemisphere and the drop of $260 million in Britain's gold and dollar reserves during the second quarter of 1949 are forcing American and European governments to review again the postwar tangle in international trade. A sterling conference held by finance ministers of the British Commonwealth in London in July resulted in a decision to attempt reduction of imports from the dollar area by 25 per cent. The Organization for European Economic Cooperation, meeting this month in Paris, is weighing a British request for a substantial increase in Marshall Plan aid. Great Britain, Canada, and the United States will hold cabinet level conferences in Washington early ...

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