Organization for European Economic Cooperation

Extract

The Council of the Organization for European Economic Cooperation, meeting on August 29, 1951 issued a declaration at the close of the meeting stating that the broad objectives of the OEEC policies would be to expand total production in western Europe by 25 percent over the next five years. By this increase in production, an improvement in living standards and further social progress could be achieved while meeting defense requirements. “Conditions from country to country may vary, but an expansion of this size is well within the power of the European economy as a whole through the effective use of its resources… Europe possesses great national resources, a large industrial potential, a skilled and ample labor force, and a capacity to achieve rapid technical progress. The full mobilization of these resources requires foresight, resolution, a cooperative effort, and the pursuit of policies based on social justice. The governments are convinced that such policies are essential in order to preserve the gains already made and to realize continued progress. Social justice demands a distribution of burdens and benefits that will promote the well-being of the less favored sections of the community.”