The eurocurrency market did not develop until the late 1950s because:

• A. the countries of the Soviet bloc did not earn dollars in foreign trade until 1958.
• B. European currencies were only convertible for non-residents before 1958.
• C. the major European economies had not recovered sufficiently from the effects of World War II.
• D. US banks were not permitted to open branches outside the USA until 1958.