The nineteenth annual report of the Bank for International Settlements, which reviewed the period from April 1, 1948 to March 31, 1949, noted progress in the field of general economic and monetary affairs, especially in western Europe, with the fight against inflationary tendencies successfully waged in almost every European country. Noting the disappearance of the seller's market as the most outstanding development of the year, it called for more production through greater efficiency, but warned that it must be of goods demanded by a flexible price system. It was recognized that fewer restrictions on trade tended to develop a broader international outlook in individual countries, and the Report recommended further planning with an eye toward lessening restrictions as the goal for the year.