Annual Report:The fifth annual report of the Managing Board of the European Payments Union (EPU) covered the period July I, 1954 to June 30, 1955. The financial year 1954—1955, the report noted, had been one of considerable economic expansion in member countries, although with some variation between them; the progress of the previous year, which had followed upon a period of relative stagnation, had continued and gathered momentum. The report noted that in some countries the rapid expansion had had repercussions both internally and externally which had required corrective measures. During 1954–1955 industrial production had increased greatly, the increase being most marked in base metal manufacturing, metal products and in chemical manufacturing. However, agricultural production of member countries, as a whole, had not changed from the previous year. The report stated that the greater industrial production had been the result of both increased employment and productivity; in a number of countries unemployment had been reduced to new low levels and in certain countries, the number of unfilled vacancies exceeded that of the registered unemployed. Concurrently, and in connection with the rapid economic expansion, salaries and wages had increased in practically all member countries to a much greater extent than in previous years.