Series AC/3 - Special Working Group on the Establishment of Financial and Economic Board

The AC/3 chronological series contains the records of the Special Working Group on the Establishment of Financial and Economic Board. On March 1951 the US Representative on the Deputies Council recommended the establishment of a central economic and financial agency which would be given a broad assignment of promoting effective cooperative action in the field of financial and economic mobilisation in support of the defence effort, including advance planning for eventual wartime measures. This agency would take over the functions exercised by the Permanent Working Staff of the Defence Financial and Economic Committee (DFEC), the Economic and Financial Working Group and the Advisory Group on Raw Material Problems. On 21st March 1951 the Council Deputies after having examined the United States proposal for the creation of a Financial and Economic Board (see D-D(51)72) and the memorandum submitted by the French Deputy on the subject of Economic Consequences of Rearmament (see D-D(51)56), agreed to invite member governments to designate representatives to constitute an Ad Hoc Organizing Committee and to encourage them to submit recommendations for the creation of one body bringing together responsibility for economic and financial work (see D-D(51)78-REV1).At their meeting on 2nd April the Council Deputies set up an Ad Hoc Committee on the Establishment of a Financial and Economic Board at NATO (see D-R(51)24, Item IV). Under the Chairmanship of the Norwegian Deputy Mr. Skaug, the Special Working Group on the Establishment of Financial and Economic Board met during the week from 9th to 14th April 1951 to prepare a Draft Resolution on the Terms of Reference of the Financial and Economic Board (FEB). During these meetings several Draft Resolutions proposals by the member countries were discussed (i.e. Draft Resolution by the United Kingdom on the creation of a Financial and Economic Board (see Annex to AC/3-R/1). A Resolution to report on the Establishment of Financial and Economic Board was finally drafted (see D-D(51)98) and as a result the Ad Hoc Committee ceased its activity.