Financial and Economic Board

Identity area

Type of entity

Corporate body

Authorized form of name

Financial and Economic Board

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Description area

Dates of existence

1951-1952

History

The FEB chronological series contains the record of the Financial and Economic Board (FEB).On 30th April 1951 the Council Deputies approved the establishment of a Financial and Economic Board for NATO with terms of reference set out in the Resolution included in D-D(51)98 (circulated after amendments as D-D(51)121 by the Special Working Group on the Establishment of Financial and Economic Board (AC/3). The Board was composed of a senior official from each member country.The Board was created in Paris to enable an effective use of the experience and skilled personnel of OEEC (Organization for the European Economic Coordination) and to bring together in one body the responsibility for certain economic and financial tasks previously carried out by the Economic and Financial Working Group, the Permanent Working Staff of the DFEC (Defence Financial and Economic Committee) and the Advisory Group on Raw Materials. The FEB reported directly to the Council Deputies and worked closely with the Defence Production Board on the economical and financial aspects of defence programmes.The first meeting took place on 22nd May 1951 and the French Representative Thierry de Clermont-Tonnerre was elected interim chairman (see FEB-R(51)5). Over the next meetings, the Board analyzed the questionnaire submitted by member countries as asked by the former Economic and Financial Working Group (see FE(P)D(51)7-REV2). The purpose of this questionnaire was to compile economic national indicators related to defence expenditure. The examination of national submissions led to a report on equitable distribution of the defence burden on 20th August 1951 (see FEB-D(51)51) submitted to the North Atlantic Council at its Ottawa Meeting. The FEB discussed other matters such as civil shipping requirements in times of war, deterioration of trade, raw material, steel, export controls and prefinancing of arms production. Another questionnaire was prepared to collect data on national defence expenditure (see FEB-D(51)63) leading to a final report (see FEB-D(52)9 , 10, 11 and 13)Several working groups were also created under this Board, such us: GT/1 Budget Working Party (see FEB-R(51)6); GT/2 Working Group on Civil Seaborne Import Requirements in Time of War (see D-D(51)135-FINAL); GT/3 Statistical Coordination and Screening Group for the Study of the Periodic Collection of Data on Defence Expenditures (see FEB-D(51)57); GT/4 Working Party on Scarce Materials (see FEB-R(51)30); GT/5 Working Group on the Atlantic Community (see FEB-R(51)30) and GT/6 Working Group on European Steel Supplies for Rearmament (see FEB-R(51)28). The FEB would cease to exist on 4th April 1952 as a result of the reorganisation of NATO (see FEB-R(52)3-FINAL)

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FEB

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