Early in 1961 the wider area of convertibility of the world’s main currencies, which had been established de facto in December 1958, was formally completed by the acceptance by most of the countries concerned of the obligations of Article VIII of the Fund’s Articles of Agreement. During the past year, and in part related to the same circumstances that permitted the extension of currency convertibility, new problems arose in the world payments situation. These have led the Fund to review ways in which it may be of increasing usefulness to its members in the new situation.