In This Review

The European Payments Union: Financial Diplomacy In The 1950s
The European Payments Union: Financial Diplomacy In The 1950s
By Jacob J. Kaplan and Günther Schleiminger
Clarendon Press/Oxford, 1989, 396 pp.

The EPU (1950-58) was a major step toward West European integration, an essential factor in expanding trade among countries receiving Marshall Plan aid and a key factor in making their currencies convertible. Using an immense collection of documents plus interviews, and sometimes drawing on their own recollection as participants, the American and German authors have produced the authoritative history of this interesting and important effort. Their valuable and detailed account covers not only negotiations and operations but the problems of major countries and the constant serious disputes, not least within the U.S. government.