European Economic Co-operation, Organisation for

European Economic Co-operation, Organisation for

      organization set up by a convention signed in Paris in April 1948 to coordinate efforts to restore Europe's economy under the European Recovery Program ( Marshall Plan). Among its many functions, the OEEC helped abolish quantitative trade restrictions between its member countries, allocated scarce resources among them, and devised a system for regular consultation on matters of common economic concern. In 1961 it was superseded by the Organisation for Economic Co-operation and Development, which included non-European members. See Economic Co-operation and Development, Organisation for.

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Universalium. 2010.

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