The European Payments Union (EPU) was dissolved at the end of 1958 when it became feasible to restore the convertibility of currencies on current account. But full convertibility (on capital as well as current accounts) was not achieved until the 1980s or even the early 1990s. Its successor was the European Monetary Agreement, which was signed in 1955 and provided for the establishment and operation of a European Fund and a multilateral system of settlements. The system was designed to provide an institutional framework for continued cooperation in intra-EPU exchange matters - which was the responsibility of the Fund.
The most important aspects of the agreement were: exchange rate margins, interim finance, bilaterial payments agreements, balances held in the currency of other participating countries and monthly settlements.