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."
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).
Document date: June 30, 1949
The report discusses the European Recovery Program (ERP) on pages 14-15.
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).
Jan. 7, 1949
President McCloy offers President Truman his thoughts on the United States' foreign lending policies (1071217).
On pages 12 and 31 of the transcript, Nurick discusses the impact of the Marshall Plan.
On pages 6-7 of the transcript, Rosen discusses the impact of the Marshall Plan.
On pages 3-4 of the transcript, Schmidt discusses the impact of the Marshall Plan on future Bank loans for reconstruction.
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.