USA HISTORY

Detailed explanation-1: -In 1960, when the United States and Canada joined, it became the Organisation for Economic Cooperation and Development (OECD), which later expanded even further. In April 1948, the United States passed a law covering foreign aid and created the Economic Cooperation Administration (ECA) to manage the Marshall Plan.

Detailed explanation-2: -The US-managed Economic Cooperation Administration (ECA) and the European-run Organization for European Economic Cooperation (OEEC) oversaw the implementation of the aid allocated under the Marshall Plan.

Detailed explanation-3: -On April 3, 1948, President Truman signed the Economic Recovery Act of 1948. It became known as the Marshall Plan, named for Secretary of State George Marshall, who in 1947 proposed that the United States provide economic assistance to restore the economic infrastructure of postwar Europe.

Detailed explanation-4: -Insisting on a role in designing the program, 16 nations attended a conference in Paris (July 12, 1947) at which they established the Committee of European Economic Cooperation (CEEC). The committee was directed to gather information on European requirements and existing resources to meet those needs.

Detailed explanation-5: -The OEEC’s first objective in 1948/1949 was to prepare the European Recovery Programme which justified the American effort. Severe difficulties arose with some beneficiary countries proving incapable of reaching agreement on prior harmonisation of their long-term programmes.