The International Payments and Monetary System in the Integration of the Socialist Countries, Softcover reprint of the original 1st ed. 1984

Economic cooperation between the CMEA countries is implemented according to the monetary and financial regulations worked out collectively. The regulations cover the organizational structure of international settlements; the choice of currency for settlements; the principles of international credit transactions ; the determination ofthe exchange rate of the currency used in international settlements to national currencies and to convertible currencies outside the CMEA; the principles and rules ofinternational exchange and transfers; mIes for the currency allotments of citizens (roles of international transfers for citizens). The regulations also contain provisions for international settlements and credit transactions which are concluded through an independent international bank or banks. These regulations, the instruments and institutions together, form the international payments and monetary system of the CMEA. * The financial and monetary regulations of the CMEA community were formed in several stages, depending on the prevailing· conditions and the targets to be attained. In the years between 1949 and 1963 the general form of economic cooperation and of international settlements was the bilateral clearing agreement. In the bilateral agreements which the Soviet Union concluded with the other CMEA countries the currency of settlements was the Soviet rouble. The prices applied in foreign trade were not the internal producer prices of the Soviet Union, but world market prices (main international market prices) expressed in roubles, with the he]p ofthe exchange rate ofthe Soviet rouble to the US dollar, as quoted in the Soviet Union.

One. The Present International Payments and Monetary Sytem of the CMEA.- I. The settlement and credit activities of the International Bank for Economic Cooperation in the common currency.- II. Credit activities of the International Investment Bank.- III. Present economic characteristics of the common currency of the CMEA.- IV. Exchange rates in the monetary system of the CMEA.- V. Interstate credit transactions among the CMEA countries.- VI. Non-commercial payments.- VII. Monetary and financial rules of the foundation and operation of international economic organizations of the CMEA countries.- Two. Principal Factors Determining the Characteristics and Possibilities of the Exchange System of the CMEA.- VIII. Development level of social production and the international economic relations of the CMEA countries.- IX. The national systems of economic control and management of the CMEA countries and their impact on the commodity (market) and monetary relations within the community..- X. Methods and instruments of economic cooperation between the CMEA countries.- Three. Issues in Connection with the Development of the International Monetary System of the CMEA Community.- XI. Starting points for further development.- XII. Basic questions about and conditions for the implementation of multilaterality, transferability and convertibility within the CMEA.- XIII. On the effective use and the basic principles of regulating the exchange rates in the CMEA countries.- XIV. Further development of the monetary and financial regulations concerning the activities of joint enterprises and international economic associations.- Postscript.