Current Problems in the International Economy
THE international economy continues to develop. Trade barriers in Europe and elsewhere are on average being reduced and there are prospects of world-wide tariff reductions being negotiated in the near future. As trade has been progressively liberalised, it has grown steadily in value, faster even than total world production. International payments, too, have become freer, and the international monetary institutions have steadily expanded their activities, augmented by the informal co-operation of the major central banks.
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