[citation needed] With the end of World War II, economic depression struck Europe.
Therefore, the transfer of money (immediately after each transaction) increased the opportunity cost of trading.
The situation led the Organisation for European Economic Co-operation (OEEC) to create the EPU, all members signing the agreement on 1 July 1950.
The EPU also forced liberalization by mandating that members eliminate discriminatory trade measures.
By its close in 1958, convertibility of currency was a possibility, no longer needing government permissions in European countries.