OEEC:- Organization for European Economic Cooperation
OEEC stands for Organisation for European Economic co-operation was established on 16th April 1948 to allocate and distribute Marshall Plan to restore the European economy after World War II. It had its headquarter located in Paris, France and Robert Marjolin was the first secretary general. It consisted of 16 member countries with West Germany and the territory of Trieste joined later. The US and Canada even though did not belong to the organization were also involved in its work. The first objective was to prepare the European Recovery Program which justified the American effort. It encouraged member states to grow in areas of industry, agriculture, energy, and technology and contributed to freeing trade and to convertibility to European currency. It helped in the allocation of scarce resources among member states, abolishing quantitative trade restrictions between its member states. One of the achievements of OEEC was the creation of a European payment union. Therefore by the end of 1950’s the goal of restoring Europe was achieved. In 1952 the OEEC’s significance declined with the end of ERP(European recovery program). In 1961 it was superseded by OECD which also included non-European members.