ECA's boss, Paul Hoffman, was a happy man. After arguing over the matter for weeks, the 16 Marshall Plan nations and Western Germany agreed among themselves last week on how to whack up ECA's $4,875,000,000 (see INTERNATIONAL). It was one of the few times in recent history that the European nations had agreed on anything. Hoffman dared to hope that that cooperation, born out of desperation, was a milestone on the road to economic sanity.

With that milestone passed, ECA sized up its accomplishments. Even while Europe argued over how to divide allotments,...

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