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International Monetary Fund

Front Matter Page European Department Contents Summary I. Introduction II. CMEA Trade and Payments 1. The CMEA System 2. The Structure of CMEA Trade III. Objectives and Effects of Economic Reform 1. The Changing Role of Foreign Trade 2. Some Effects of Reforming CMEA Trade IV. The European Payments Union 1. The Economic Environment 2. The Structure and Functioning of the EPU 3. The Contribution of the EPU V. An Eastern European Payments Union 1. The Functioning of an EEPU 2. Membership, Quotas, and Capital

Ms. Helen B. Junz

accumulation of unsustainable levels of external debt and because intra-CMEA trade had fallen sharply, a trend which could accelerate with the dissolution of the traditional CMEA and the announced intention to move to trading at world prices and in convertible currencies. Proposals to create “half-way houses” to accommodate continued regional trade links, through payments unions, for example, have been overtaken by events and would not have been helpful in any event. Trade reform involves the introduction of a nondiscriminatory tariff structure based on market

Peter B. Kenen and Massimo Russo

, denoted here as the CMEA5. 1/ It also examines the outlook for CMEA trade, focusing on the effects of shifting to world prices and the use of convertible currencies. The third part of the paper describes the EPU and assesses its success. The final part of the paper shows how an EEPU might work, with and without the USSR. It is, on balance, critical of proposals to create an EEPU, but it stresses the need for balance-of-payments financing of one sort or another to help the CMEA5 adjust to the impending shift in the terms of trade and the switch to payments in