White House Press Release, Statement by President Harry S. Truman

368 IMMEDIATE RELEASE SEPTEMBER 25, 1947 STATEMENT BY THE PRESIDENT The Secretary of State has transmitted to me the official report of the Committee of European Economic Coopera- tion, prepared by the representatives of sixteen nations who have been meeting in Paris since early July. At my request Secretary Marshall is sending a message to the Chairman of the Committee, Foreign Minister Bevin, acknowledging receipt of the report by the United States Government. As the document itself states, it is an "initial report", and is subject to review and revision. Nonetheless, it reflects an unprecedented effort at economic cooperation by the sixteen countries participating in the Paris Conference. In the light of the political tensions and the economic instability in Europe, it is an important and encouraging first step that these nations had the initiative and determination to meet together and produce this report. The problem to which this report is addressed not only underlies the political and economic well-being of Europe but is also of key importance to a stable peace in the world. The people of the United States recognize, as do the people of the European nations, that the earliest practicable achievement of economic health, and consequent political stability, in Europe is of utmost importance for the peace and well-being of the world. I note that the program presented in the report is based on the four following lines of action by the sixteen European Nations: (1) a strong productive effort; (2) the creation of internal financial stability; (3) maximum cooperation among the participating countries; and (4) a solution to the trading deficit with the American Continent, particularly by exports. These are sound principles and will appeal to the common sense of the American people. Their effective transla- tion into practice is vital both to European recovery and to world- wide economic health. While the sixteen-nation Committee has been meeting in Paris, the United States Government has been proceeding with comple- mentary studies on this side of the Atlantic. Last June I appointed three committees to study the rela- tionship between aid which may be extended to foreign countries and the interests of our domestic economy. One of these, headed by the Secretary of the Interior, has been making a study of the state of our natural resources. Another of these studies, relating to the impact on our national economy of aid to other countries, is being conducted by the Council of Economic Advisers. The third group, a non-partisan committee of distinguished citizens under the chairman- ship of the Secretary of Commerce, was requested to determine the character and quantities of United States resources available for assistance to foreign countries and to advise the President on the limits within which the United States may safely and wisely plan to extend such assistance. Other agencies of the executive branch of the Government have also been considering the role which should be played by the United States in European recovery. The great interest of the Congress in this subject has been demonstrated by the number of its Members whom it has sent abroad to study prevailing conditions at first hand. (OVER)