The Eurocurrency Market Did Not Develop Until the Late 1950s

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.