Word: oeec
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Last week an official West German report to the Organization for European Economic Cooperation (OEEC) demonstrated in part what Bulganin meant. On the basis of present trends, West Germany expects its gross national product to be 10% higher this year than last. West German industry will produce about 15% more, exports will be up by $880 million, total foreign trade by 20%. As a result, tax yields will increase 5%, enough to allow the government to plan reductions not only in consumer taxes but also in personal income taxes...
...25th annual report of the Bank for International Settlements. Said the bank's General Manager Roger Auboin: "Nineteen fifty-four has been for the world a year of prosperity and promise." Proof of this prosperity came in a nation-by-nation roundup. In Europe's 17 OEEC countries,* gross national product rose an average 4% during 1954. The big point, said Banker Auboin. is that Western Europe continued its postwar boom despite the short U.S. "recession" that began late in 1953. While the index of industrial production in the U.S. showed a decline of 9% during the recession...
...reported two official international agencies last week. The Organization for European Economic Cooperation reported some beneficial trends in 1953: inflation no longer threatens, trade balances are better and farm production is the highest since the war. But the rate of industrial growth is lagging, said OEEC...
...quota restrictions. British tourists will henceforth be allowed to take abroad ?50 ($140) apiece instead of the ?40 ($112) permitted before. ¶France's Finance Minister Edgar Faure promised a "modest" removal of French trade restrictions from "about 20%" of French imports. As France is the worst offender, OEEC decided that Faure's gesture was not enough; France got orders to report back next year, itemizing the steps it is taking to reform its artificial exchange rates, free more trade. Even the French delegate endorsed this rap at his own country...
...nervously waiting to see whether the Eisenhower Administration will cut import duties or raise them. They expect no real answer until next March, when the Randall Commission, appointed by President Eisenhower to recommend changes in U.S. tariffs, makes its report. ¶Italy's Premier Giuseppe Pella complained that OEEC works to Italy's detriment because it does nothing to help solve the problem of 2,000,000 Italian unemployed, the biggest single reservoir of Italian Communists. Pella got some encouragement from the council's decision that jobs in any member country which remain unfilled after 30 days...