The Intra-European Payments Committee was established in 1948 as a Plenary Committee. This Committee consisted of Member and Associated countries. It would have been unusual for the Trade Committee and the Intra-European Payments Committee to meet separately, except for the annual meeting at which they elect their chairman, who have ex officio responsibilities in respect of the Board of Management of the EMA, the Steering Board for Trade and the Committee for Invisible Transactions. Nearly all meetings take the form of meetings of the Joint Trade and Intra-European Payments Committee.
The competence of the Intra-European Payments Committee has been defined as follows: "financial problems relating to the development, through the multilateralisation of payments or any other method, of the exchange of goods, services or capital investment between member countries and their associated monetary areas".

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