To Washington last week Italy's Foreign Minister Giuseppe Pella brought something that is currently in short supply in the U.S.: a new, positive foreign-policy idea. Under a plan advanced by Pella, the U.S. and the 17 members of the Organization for European Economic Cooperation would set up a joint fund for easy-term economic development loans to Middle East countries.
The U.S. would contribute to the fund the sums that European countries repay on their Marshall Plan loans; European countries would kick in amounts equal to 20% of their repayments to the U.S. Estimated total available: $100 million a year. In addition, private...
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