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achieved adjust aggregate demand August Bank Rate Banker London billion Britain's British authorities Bundesbank cent central bank commercial bank credit conditions Crisis bottom currency D-mark declines dollar domestic E.P.U. Non-Trade Residual ease economic ESSAYS IN INTERNATIONAL Europe's EUROPEAN CONVERTIBILITY European countries European payments EUROPEAN PAYMENTS UNION exchange accruals exchange crisis exchange markets exchange rates Exchange-rate speculation export price indices factors fluctuation foreign trade foreign-exchange market French franc funds into Germany German authorities German rates German reserve accruals inflows into Germany interest rates International Finance Section International Monetary Fund intra-European payments July leads and lags lending rate major ment merchant monetary money rates Monthly Report monthly trade O.E.E.C. countries payments balance postwar period pound pressures prime lending rate Rate was raised Recent peak reduced reserve losses residual series revaluation risk rumors September 1957 speculative inflows spot rate STERLING SPECULATION substantial Table trade financing U.S. dollars United Kingdom