!!!Marshall-Plan

Marshall Plan, U. S. relief programme aiming at reconstruction in the 
western parts of post-World-War II Europe; named after the U. S. 
Secretary of State, George Marshall, who initiated the plan and 
consequently was awarded the Nobel Peace Prize in 1953. Within the 
framework of the European Recovery Programme (ERP) the USA gave money 
and material assets to war-torn European countries, which had to 
deposit counterpart funds in a special account. The agreement between 
Austria and the United States was signed on July 2, 1948. As a country 
in considerable need, Austria was granted free ERP-aid in the form of 
commodity shipments which had to be sold at prices then current in the 
country. In return for US help the European states were to stabilize 
their currencies and balance their budgets. The aid shipments sent to 
Austria until the end of 1953 were worth 1 billion dollars. On July 
12, 1962 Austria was granted free access to the money it had deposited 
in the counterpart account. A private  ERP Fund was set up (under a 
law passed in 1962) which has since then decided about the allocation 
and use of the money.


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