ABSTRACT
The multilateral payments system was indeed crucial in the liberalisation programme and, following an American intitiative, the European Payments Union was established by agreement of Economic Co-operation and Development (OECD) members in September 1950. Economic policy of member countries was examined from the standpoint of the others who would be affected by way of trade flows. The search for a new Atlantic forum culminated in the signing of the OECD Convention in Paris in December 1960, and the nature of this body reflected political preferences on both sides. Transactions such as those mentioned above are clearly an ideal area for negotiation in a body such as the OECD where the most affected parties are indeed the advanced industrial countries and where formal agreement. While it is difficult to assess the merits of such potential developments it is likely that a more uniform legislative climate would be a desirable one in so far as governments can achieve broad agreement.
