SOME EUROPEAN CURRENCIES SHOULD BE REVALUED
Received xx7-pu-nocuotr 10 5 a.m. W A SUTVOTOTvr, Julv S. TTip TV.Tatip'onl A iS-tri sn-17 GoUncll ' r°norf°d to Presidont Truman todav thaf a revaiuation of some l pnrrpap'nq might easo Europe's dol- 1 ]p" ->roblQ',""s ( Tbe parnnil deeia^d, howpver. fkot INTnv^bqii pia.n countries * sViQnid not. ko yomjjrou fo use u n i an their foiti and dollar reserves hofnrp nuqiir-- — far further 1 United States fin^r'ejal aid. t^
The report did not specify which European currehcies should be revalued. The council's report said that in some instances a currency reval'uation- might "constitute an .important means of bringing about the desired expansion of exports- to the dollar' areas." It added that a revaluation and other anornDriate measures "would contribute to more- normal methods of financin^ after June 30, 1952. when the Marshall.Plan is scheduled to end. The reqort noted that the nroblem of European foreign exchange rates in relation to American dollars has been under continual study for the past year. It said that a general revaluation was considered to he "inadvisabie" in' 1Q4R bee.euse of Eurone'sJnstability at that time. The council said that if'Eu'rope is to be back on her feet hv leao Euroneans themselves jnust make "greater nrogress" ju h'or"iku tkeir trade with t.he Western ' Hemisnhere snd in attracting private foreign investments. ♦
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Chronicle (Levin), 6 July 1949, Page 5
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219SOME EUROPEAN CURRENCIES SHOULD BE REVALUED Chronicle (Levin), 6 July 1949, Page 5
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