A bright new gleam was discernible last week in the usually worried eyes of Marshall Plan economists at ECA's Paris headquarters. To the alphabetic array of international agencies they had just added a bright new set of initials: EPU (European Payments Union). The letters spelled good news for the West—for the Italian farmer who needed a new plow, the Dutch exporter with round red cheeses to sell, the Birmingham housewife in her shopping queue, and for the U.S. citizen with income tax to worry about. EPU should go a long way toward freeing...
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