It was announced by the press in November 1960 that the preparatory committee, which had been considering the aims and structure of the proposed Organization for Economic Cooperation and Development (OECD) to replace the Organization for European Economic Cooperation (OEEC), had completed its report and was planning to transmit it to a conference of ministers of the twenty European and North American nations involved in organizing OECD. One of the most difficult problems in reaching agreement was reportedly the refusal of the United States to accept a definite commitment to coordinate its economic policy with those of the other members. A compromise was finally reached, providing that the convention would: 1) bind members, in making their basic economic decisions—on interest rates, for example—to avoid measures that would endanger other countries; and 2) require members to cooperate closely in carrying out the basic aims of the organization and, when necessary, to take coordinated action. In any case, the organization was to be able to take decisions only by unanimity. The proposed structure of the organization, reported to be similar to that of the North Atlantic Treaty Organization, was to include: 1) a Council on which all member states would be represented by permanent delegations; 2) a Council chairman, who would be selected to serve a one-year term and would preside at ministerial sessions of the Council, and two vice chairmen; and 3) a permanent staff headed by a Secretary-General, who would be chosen for a five-year term and would preside at Council sessions attended by the permanent representatives.