Evening star., 1948-04-16
BY the Associotsd Press

2QL1On, as LTQHStuLeG from LIS
official French uersion::
Preamble.
The governments Of Austria, Bel
GUM, Denmark, France, Greece,
Fire, Iceland, Italy, Luxembourg
Norway, Netherlands, Portugal the
United Kingdom, Sweden, Switzer-
land, Turkey, the commanding off,
GERS of the occupation zones in Ger
many of France, the United King
dom and the United States;
Considering that a strong and
prosperous European economy Is
essential to achieve the objectives
of the United Nations, to safeguard
individual liberties, to increase the
general welfare, and that such an
economy will contribute to the main
tenance Of peace:
Recognizing that their economies
are interdependent, and that the
prosperity of each OF them depenos
on the prosperity of all;
Estimating that only a close and
durable cooperation OF the con-
tracing parties permits the restora-
tion and maintenance Of the pros
perity Of Europe and the repair OF
the damage of the war;
Resolved to place in operation
the principles Of the general report
of the Committee for European
economic Cooperation and to at
tain the objectives which 1t defines
notably to establish rapidly the
sound economic conditions which
will permit the contracting parties
to achieve as soon as possible ano
to maintain a satisfactory level o!
activity without any foreign aid OF
an exceptional character, and thus
to bring their full contribution 10
the economic stability of the world; !;
determined to integrate to these
ends their economic forces, to
reach agreement on the most COM
nlete utilization of their particular
capacities and possibilities, to aug
ment their production, to develop
and. modernize their industrial ano
AGRICULTURAL equipment, to increase
their exchanges, to reduce progress
sivelv the barriers to their mutual
commerce, to encourage the 1uli
employment of their manpoWer, 10
rastore or maintain the stability OF
their economies as well as con-
fidence in their national currencles'
recognizing the generous mten-
tion of the American people ex-
pressed in the measures taken 10
send assistance, without which the
assigned objectives cannot be 1uliy
attained;
Decided to create the conditions
and to establish the institutions
necessary to the success OF EURO
pean economic cooperation ana 10
the eff1cient use of the American
aid, and to conclude a convention
for this purpose;
Have designated the undersigned
plenipotentiaries who, after presen-
tation of their credentials, recog-
nized in good and due form. have
agreed on the following dlsposl-
tions:
~ Article 1.
The contracting parties agree to
practice a close economic co-opera-
ton in their mutual relations.
They assign themselves as their
immediate task the establishment
and execution of a common recoy-
cry program. This program shall
have as its object to permit the con-
tracing parties to attain as soon
as possible and to mainatin a SAT-
isfacotry level Of economic activity
without foreign aid of an excep-
tional character. To this effect the
program should take account nota-
bly Of their need to develop to every
extent possible their exports to non
participating countries.
To these ends they pledge them
selves to fulfill by their individual
efforts and in a spirit of mutual
aid, the general obligations herebe-
low. and hereby institute a Euro
pean organization of economic CO.
operation, hereafter called the Or
ganiZation.
I. GENERAL OBLIGATIONS.
Article 2.
The contracting parties pledge
themselves to promote energetically
as much individually as collectively
the development of production, by
the utilization of the resources at
their disposal in their homelands
and in their overseas territories. and
the progressive modernization OF
their equipment and of their tech
niques, on the conditions most ap-
propriate to the realization OF the
common recovery program.
Article 3.
The contracting parties Will es-
tablish within the framework OF the
organization, as often and as much
as necessary, programs Of produc-
ton and of the exchange OF goods
and services, and taking into con-
sideration the provisions OF the pro-
grams of each and the general con-
ditions of world economy.
Each contracting party will make
every effort to assure the realization
Of these programs.
Article 4.
The contracting parties will de-
velop to the largest measure pos
sible and in concerted manner
their reciprocal exchanges OF goods
and services. They will pursue to
this effect the efforts undertaken to
attain, as soon as possible, among
themselves a system OF multllateral
payments and to cooperate to relax
the restrictions on their exchanges
and on their reciprocal payments, in
view of abolishing as soon as pos
sible those restrictions which now
hamper them.
In the application Of this article,
the contracting parties will take due
account of the necessity for all and
for each of them to reduce or to
prevent excessive disequilibrium in
their economic and financial rela-
tions. as much among themselves as
toward nonparticipating countries.
Article 5.
The contracting parties pledge
themselves to tighten their eco
nomic links by all means which
they shall esteem proper for the
realization OF the objectives of this
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