On 19 September 1950, representatives from the Governments of Austria, Belgium, Denmark, France, the Federal Republic of Germany (FRG), Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Sweden, Switzerland, Turkey, the United Kingdom of Great Britain and Northern Ireland and the Commandant of the Anglo-American Zone of the free territory of Trieste sign in Paris the Agreement on the establishment of a European Payments Union (EPU).

On 28 December 1949, British cartoonist David Low illustrates the United States’ irritation at the slow establishment of a European Payments Union intended to aid transactions and revive trade between the OEEC member countries.

On 12 June 1949, the Brussels newspaper Le Phare Dimanche outlines the reasons for the failure of the meeting of the Consultative Council of the Organisation for European Economic Cooperation (OEEC) that was convened to draw up a plan for regulating intra-European payments.

On 15 December 1949, the United Kingdom submits to the Secretariat of the Organisation for European Economic Cooperation (OEEC) a memorandum which emphasises the importance of the introduction of a new scheme which will govern the future of intra-European payments.

On 8 March 1950, the Belgian authorities submit to the Organisation for European Economic Cooperation (OEEC) a memorandum on the implications and objectives of a future European Payments Union (EPU).