IN international financial relations, 1964 was marked by somewhat greater strains than had been experienced for some time. This was in contrast to the immediately preceding years, during which the structure of international payments had appeared on the whole to be improving. The strong pressures on the lira in March, and on sterling in November 1964—both of which were allayed by drawings on the Fund and by support from central banks and other financial institutions—were dramatic symptoms of these strains. Another was the activation of the General Arrangements to Borrow.