EUROPE’S RECOVERY IS A REALITYSOVIET BALKED

Grey River Argus, 9 November 1949, Page 5

EUROPE’S RECOVERY IS A REALITYSOVIET BALKED

(Rec. 9.25) WASHINGTON, Nov. ‘ 7 The progress of Western Europe towards economic recovery was “something close to a miracle,’ said the U.S. Economic Co-operation Administration, Mr Paul Hoffman. He declared that the Marshall Plan funds had removed the danger of Western Europe falling into' the Russian orbit. He said: “Europe is now in no danger. The American people, through this expenditure, have never got so much for so little.” Mr Hoffman said there was hope for a second miracle if the efforts to achieve a unified integrated European economy were successful. Europe’s production had already reached its pre-war levels. He added that .although the European production had steadily increased in the past eighteen months, the European countries must strive after complete-' ly free trade as early as possible. Mr Hoffman said Sir Stafford Cripps had been .very active in securing the acceptance of a proposal to reduce by fifty per cent., the items under quantitive restrictions in European trade. He was satisfied with the British approach at Paris, the meeting of the Council Ministers of the Organisation for European Economic Co-operation as outlined by Sir Stafford Cripps. Mr Hoffman said it was that Britain had obligations to the sterling area and the Empire which had to be taken in account. Mi’ Hoffman said it was not suggested that Britain should integrate her economy with that of European groups, but that Britain should support such groups as they developed. He said that confidence in the monetary system of'various European countries was just beginning to emerge. He did not know of any country that was threatened now with runaway inflation, although there were st : -il son.e inflat : onarv nressures.