Word: eca
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...pointed to the just-reached ECA decision channelling $300,000,000 into the French economy over the next two months as "clear indication of this government's intentions." This "counterpart fund" comprises monies France has been bound to set aside since the start of the Economic Cooperation Administration as an anti-inflation reserve specifically paralleling each American allocation. Ordinarily the reserve would remain untouchable. Schlesinger claims that releasing the funds is officially a non-partisan action aimed at economic health, but that it actually operates in a fundamental way against De Gaulle...
Schlesinger's job as Special Assistant to Harriman involved a tour of eight Continental countries to report on the political situations within each and to "help set in motion an information program for ECA...
Administrator Hoffman was reasonably well pleased with the results. Despite mistakes and the awkwardness to be expected in getting any such vast plan started, ECA was generally doing what it was supposed to do. Without ECA, Hoffman declared, France and Italy "would have been in the hands of the Communists six months...
...ECA was a shot in the arm and a steadying influence which was lifting Europe back on its feet...
These were signs that Europe was getting off relief, and getting to the point where the U.S. could demand considerable selfhelp. ECA aid was coming into a second stage, where immediate food and fuel supplies could be replaced by the machinery and equipment to produce a permanent recovery...