Word: oeec
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Dates: during 1940-1949
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...struggle to decide the economic shape of Europe is building up. One of the open ing skirmishes was fought last week when eight leading representatives of OEEC (Organization for European Economic Cooperation) met in Paris. The engagement was screened by a fog of long technical words and its result was inconclusive. When the meeting ended, however, the advantage lay with Britain's Sir Stafford Cripps. He had skillfully checked a drive by ECA and some continental nations to reduce currency exchange barriers between European nations...
They had established the Organization for European Economic Cooperation. Through OEEC and its subcommittees, the 19 participants are correlating their plans and EGA requirements for economic stability by 1953. In so doing, they have broken precedent. They have frankly exchanged economic information once regarded as state secrets. They have agreed to continue OEEC after ECA's demise...
...Extravagant Wife. Sir Stafford Cripps, Britain's brilliant economic boss, was on hand for the OEEC talks. The U.S. Marshall Planners had told the European nations to get their financial houses in order, and Britain, once threatened with collapse, had done this better than any other. For this success, Sir Stafford praised his own brand of austerity, a controlled system of trade which combined high exports with low imports of consumer goods...
...Prudent Husband. Britain is now trying to buy most of what she needs from the sterling areas. She has reduced her dollar imports by 25%; the other major OEEC nations by only 15%.* Last week Cripps proposed that the others should make a further reduction of 10% to match Britain. At this point ECA's Averell Harriman, who had been itching to join the discussions, was invited in, and promptly threw his weight with the continental high-volume traders...
...final result was that each nation agreed to cut its dollar imports further, but would judge for itself how much to cut. This was billed as a compromise, but actually it was a victory for Cripps. For the next year or two, OEEC would let each nation seek recovery in its own way; in Britain's case that would mean continued efforts toward relative national self-sufficiency. That was what Cripps, the prudent husband, had been plugging for all along...