John Maynard Keynes had something similar in mind when he proposed an International Clearing Union.

ECONOMIST: Reserve currencies

And he wants to re-create Keynes's 1944 plans for an International Monetary Clearing Union.

ECONOMIST: John Maynard Keynes

India's central bank instructed the country's lenders to stop processing current-account transactions with Iran using the Asian Clearing Union, and told Indian firms they couldn't use the mechanism to pay for oil or gas imports.

WSJ: India, Iran Try New Conduit for Oil Payments

The International Cycling Union released a report in 2006 clearing him of allegations from 1999.

CNN: Lance Armstrong's legacy may withstand accusations

Either way this hybrid organisation serves as the focus, the clearing-house, the engine-room of the European Union.

BBC: By Europe Correspondent David Shukman

In 1991, the United States and the Soviet Union resolved differences over the Conventional Forces in Europe treaty, clearing the way for a superpower summit.

CNN: Saturday,