European Monetary Agreement

Abbreviated as EMA. A currency agreement signed in 1955 by the 18 member countries of the European Payments Union (EPU), which decided to establish a European Fund and a Multilateral Payment Facility. This agreement was to replace the EPU if the currencies of EPU member countries regained convertibility, but it came into effect immediately at the end of 1958 when 14 Western European currencies met this condition and the EPU was dissolved. The European Fund's loans were not granted automatically like the EPU's but on application basis, and the Multilateral Payment Facility was almost the same as the EPU, with its operations being handled by the Bank for International Settlements (BIS). This agreement was placed under the control of the Organization for Economic Cooperation and Development (OECD) in 1961 and abolished in December 1972.

[Tsuchiya Rokuro]

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

略称EMA。1955年ヨーロッパ決済同盟（EPU）加盟18か国の調印によって、ヨーロッパ基金と多角的決済機構の設立を決めた通貨協定。この協定は、EPU加盟国の通貨が交換性を回復した場合にEPUにかわるものとされていたが、58年末に西欧14か国通貨がこの条件を満たしEPUは発展的に解消したので、ただちに発効した。ヨーロッパ基金の融資はEPUのように自動的ではなく申請に基づいて供与され、多角的決済機構はEPUとほぼ同じで、業務は国際決済銀行（BIS）が代行した。この協定は61年に経済協力開発機構（OECD）の管理下に置かれ、72年12月に廃止された。

［土屋六郎］

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