Editorial Note

On May 24, after three weeks of consideration of various proposals, a working group submitted to the OEEC Payments Committee a report on the current status of efforts to revise existing arrangements. After further discussions the Committee decided at the end of May to inform the OEEC Council that there was disagreement in principle in the Committee on the problem of automatic flexibility (mixed bilateral and multilateral drawing rights with the unused drawing rights convertible into dollars). Belgium, Luxembourg, Greece, the Netherlands, Switzerland, Austria, and the combined United States-United Kingdom zones of Germany favored automatic flexibility, while the United Kingdom, Norway, and France opposed it. Other delegations were absent or reserved their positions. OSR reported on these developments in telegrams Repto 4105 and Repto 4258 and in Repto circulars 200, 206, 213, and 218, not printed (ECA Telegram Files, FRC Acc. No. 53A278, Paris Repto).