Congress passed the Economic Cooperation
Act on 2 April 1948, and Truman signed it the following day. The European
Recovery Program (ERP), as the Marshall Plan was formally named, had three
main goals:
"the promoting of industrial, agricultural,
and cultural production in participating countries;
the restoration and maintenance of the soundness
of European currencies, budgets, and finances; and
the growth of international trade of the participating
countries with one another and with other countries, including the reduction
of barriers which hinder trade."
A total of $27 billion was spent for the four-year
ERP until June 30, 1952. The aid provided by the program could be grant
or loan. |
