Word: oeec
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...Progressive abolition of quantitive restrictions on Western European trade, i.e., import quotas (the OEEC nations have promised to do away with import quotas on 50% of their private trade...
...Assembly had sent up last summer (TIME, Aug. 15 et seq.). By unanimous vote, the ministers approved the admission of the West German Republic and the Saar territory to the Council as an "associate member." But on almost every other question the ministers passed the buck to U.N., to OEEC and other organizations...
...economic field, there was scarcely more progress. Responding to Paul Hoffman's plea, OEEC produced a resolution calling for the elimination of import quotas by Dec. 15 on half of Western Europe's private trade (this would leave out a large volume of trade carried on by governments). Paul Hoffman made it clear that this measure had not gone very far to satisfy him. "There is no magic in words . . . the magic lies only in action," he said. "If there is a failure to act ... we may have a new kind of dark age in the world...
...Vicious Cycle. He came to talk to OEEC (ECA's European governing body consisting of representatives of all the Marshall Plan participants) about Western Europe's economic integration. That, in addition to Western Europe's economic revival, had been an objective of the Marshall Plan. Revival had been spectacularly accomplished; integration had so far failed. Paul Hoffman explained why integration was necessary...
...British dollar crisis seriously affected Western Europe's hesitant start toward economic integration. In Paris the OEEC (Organization for European Economic Cooperation) sat down to divide up the Marshall Plan dollars for 1949-50. The estimates of irreducible need from each country totaled about $5 billion. Since the U.S. Congress was expected to provide only about $3.7 billion, a working party was set to paring down the estimates. When, with blood almost visibly dripping from the knife, the working party reported, there were cries of pain from Britain. Direly worried about the immediate future,Britain had upped her original...