Organization for European Economic Cooperation (O.E.E.C.)


The parent body of the many organizations set ip within Europe after the Second World War to facilitate and coordinate the national and international attempts to promote the full recovery of the European economy. The primary driving force behind this body was the Marshall Plan, whereby American aid was to be equitably distributed among the various nations. One of the first task was to set up and police the European Payments Union, which aimed to speed up the rate of trade between the different European countries both amongst thmeselves and with the United States. The O.E.E.C was indirectly to promote the establishement of many other bodies including ultimately, the European Economic Community. In 1961 its role was taken over by the larger Organization for Economic Cooperation and Development (O.E.C.D), which included, in addition to the orginal European countries, the U.S.A and Canada.

Reference: The Penguin Business Dictionary, 3rd edt.