Date
Timeline Description

The year-end report discusses the complementary roles played by the World Bank and the European Recovery Program, refuting claims that the Bank's investment activity has been impaired and that "the Bank will play a secondary role in Europe."

Detail Description

In the 1949 World Bank Annual Report, the Bank clarifies its role in European reconstruction while responding to misconceptions regarding the distinct purposes of the Bank and the European Recovery Program (ERP). The Bank was not conceived "as a solution to the anticipated short-run problems of Europe" but rather "with the creation of permanent agencies which would operate primarily in the post-transitional period" (page 15). The Bank's objective was "designed to meet a long-term need which will remain when the present emergency is over-- the need for a continuing organization to promote international investment on a scale sufficient to ensure a balanced development of the world's resources and a general rise in its living standards" (15). The ERP, it continues, does not obviate this long-term need but, on the contrary, "it is designed to make possible the creation of economic conditions in Europe in which the Bank can play the role for which it was originally intended" (15).

Image Timeline
Memo from President McCloy to U.S. President Truman (1071217).
Image Timeline Caption

Memo from President McCloy to U.S. President Truman (1071217).

Resource
Title
World Bank Annual Report 1948-1949
Image
World Bank Annual Report 1948-1949
Description

Document date: June 30, 1949
The report discusses the European Recovery Program (ERP) on pages 14-15. 

Event
71
Description

c. Sept. 1963
The U.S. Governor reflects on the initial role of the World Bank and Europe's need for supplemental funds made available through the Marshall Plan (201I).

Image
U.S. Governor address to the Boards of Governors
Title
U.S. Governor address to the Boards of Governors
Audio File
Event
71
Title
Memo from President McCloy to U.S. President Truman
Image
Memo from President McCloy to U.S. President Truman
Description

Jan. 7, 1949
President McCloy offers President Truman his thoughts on the United States' foreign lending policies (1071217).

Event
71
Title
Interview with Lester Nurick
Image
Interview with Lester Nurick
Description
Interview date: 2003-2005
On pages 12 and 31 of the transcript, Nurick discusses the impact of the Marshall Plan.
Event
71
Title
Interview with Martin Rosen
Image
Interview with Martin Rosen
Description
Interview date: July 12, 1961
On pages 6-7 of the transcript, Rosen discusses the impact of the Marshall Plan.
Event
71
Title
Interview with Orvis Schmidt
Image
Interview with Orvis Schmidt
Description
Interview date: July 10, 1961
On pages 3-4 of the transcript, Schmidt discusses the impact of the Marshall Plan on future Bank loans for reconstruction.
Event
71
Title
Interview with Albert Waterston
Image
Interview with Albert Waterston
Description

Interview date: May 14, 1985
On page 4 of the transcript, Waterston discusses the impact of the Marshall Plan on future Bank loans for reconstruction.

Event
71
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