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Organization for European Economic Cooperation

Published online by Cambridge University Press:  22 May 2009

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Extract

The Council of Ministers of the Organization for European Economic Cooperation (OEEC) convening in Paris under the chairmanship of Mr. Macmillan (Chancellor of the Exchequer, United Kingdom) received the report of a Ministerial Working Party of OEEC on November 15, 1956 which discussed the economic situation in member countries. The report noted the prosperity in western Europe, yet stressed the threats to it due to events in the middle east and interruption of traffic in the Suez. Besides a shortage of oil, the report noted a shortage of coal. It also stressed three weak points in the economy of western Europe: 1) the slowing down of the expansion of production; 2) the rise of prices; and 3) the imbalance in intra-European payments. It explained that the increase in production had fallen off due to a shortage of available labor; the rise in prices was due to excessive demand and increasing wages. The report called for serious fiscal measures, such as an increase in taxes, a reduction of subsidies to consumption and a cutting down of public expenditures. These measures could be supplemented by governmental action designed to increase competition in the home market and to enhance the free movement of workers in order to alleviate the man-power shortage.

Type
International Organizations: Summary of Activities: III. Political and Regional Organizations
Information
International Organization , Volume 11 , Issue 1 , Winter 1957 , pp. 199 - 201
Copyright
Copyright © The IO Foundation 1957

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References

1 International Financial News Survey, IX, p. 173–174.

2 Council of Europe News, January 1957, p. 7–8.

3 Council of Europe News, December 1956, p. 7.

4 New York Times, November 20, 1956.

5 The Times (London), 01 9, 1957Google Scholar.

6 New York Times, October 12, 1956 and London Times, October 12, 1956.

7 New York Times, July 19, 1956. The customs union or common market would entail a common tariff against outside countries, while the free trade zone would permit variable tariffs by its members against non-members. The General Agreement on Tariffs and Trade (GATT) permits both customs unions and free trade zones.

8 New York Times, September 30 and October 7, 1956.

9 The Times (London), 12 27, 1956Google Scholar.