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The period of nearequilibrium and price liberalisation 1949
Resumption of deliberate deflationary policies
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2.3 billion guilders adjustment Agricultural Equalization Fund amount balance of payments bank credit banking system banknotes black market blocked accounts blocked money budget capital cent of national central bank commercial banks considerable cost of living counterpart funds covered by exports current account debt service decline deficit despite disinflationary measures domestic economy end of June European Payments Union expenditures external equilibrium extra-ordinary account fiscal foreign debt foreign exchange impact improved incomes policy inflation inflationary pressures interest rate internal and external intra-European investment liquid assets market prices Marshall Aid started Marshall Plan ment million equivalent monetary purge money supply national income near-money holdings Netherlands Bank official reserve position partly period policies price and wage price controls production raw materials real wages reduction Reichsmarks remained resulted revenue rise secondary liquidity sight deposits special reconstruction taxes stabilisation Table tax deposits tion trade and payments Treasury paper U.S. dollar wholesale prices