Word: oeec
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Like penguins emerging from the icy waters of postwar dollar shortages, the black-coated, grey-trousered economists of 20 Western nations gathered in Paris last week for the fall conference of OEEC -the Organization for European Economic Cooperation. There was confidence in the air, and with much good reason. For the first time since the war, said the U.S.'s Harold Stassen, "we meet under no great pressures of economic crisis...
Paris, which a year ago had four U.S. officials with the rank of ambassador,* and was crowded with proliferating U.S. missions to NATO, EDC and OEEC, was the obvious place to begin. The State Department cut its staff 30%. Stassen also set to work. Half a dozen special agencies were lumped into one big U.S. Mission to the North Atlantic Treaty Organization and European Regional Organizations (USRO). Two hundred Americans and 437 French employees were riffed in the process; the savings would cut USRO's administrative expenses in Paris by 50%. Other Americans suffered drastic cuts in what...
Pounds for Sale. Britain's action was welcomed more for its intentions than its actuality. Chancellor Butler raised from 44% to 58% the proportion of British imports freed from government restriction. This compares with a 75% trade "liberalization" expected of solvent nations by OEEC, and the 99% free trade permitted by Italy. Italy's open door actually threatens its own recovery: in the first two months of 1953, its imports from EPU nations exceeded its exports by $67 million. France is in direr straits and $625 million in debt to EPU; there is strong talk...
...more and better food in the stores, more gold in the Federal Treasury, more money spent on vacations, and more people sending food packages to Britain than at any other time since World War II. That was the word transmitted last week to the Organization for European Economic Cooperation (OEEC); but the nation it applied to was not the U.S. The booming giant, bursting its economic britches, is West Germany...
Bonn officials, anxious to convince the Allies that Germany cannot afford to shoulder a larger proportion of the West's planned defense budget, make much of the workers' poverty. Reporting last week to OEEC, they carefully explained that the Federal Republic is burdened with 1) 10,000,000 Soviet-zone refugees; 2) three occupation armies; 3) an $822 million reparations debt to the Jews; 4) an annual expense of $150 million to sustain West Berlin. Yet, as the nervous French and British often point out, the Ruhr's burgeoning capacity is more than enough to take care...