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A larger amount was given to the major industrial powers, as the prevailing opinion was that their resuscitation was essential for the general European revival. The British government considered it politically impossible to cooperate with Spain under the Marshall Plan. A common American interpretation of the program's role in European recovery was expressed by Paul Hoffman, head of the Economic Cooperation Administration, in 1949 when he told Congress Marshall aid had provided the "critical margin" on which other investment needed for European recovery depended. [69] The poverty and starvation of the immediate postwar years disappeared, and Western Europe embarked upon an unprecedented two decades of growth that saw standards of living increase dramatically. It was this victor's psychology that deluded both Labour and Conservative politicians into believing that Britain - at the centre of the Commonwealth and the Sterling area - could have a future. Also known as: ERP, European Recovery Program. 1. In addition, the resolution recommended that the Security Council take the necessary measures if, within a "reasonable time", no new Government was established whose authority emanated from the consent of the governed. Convertibility was suspended on 20 August 1947. The Marshall Plan also played an important role in European integration. Implementation of the Marshall Plan has been cited as the beginning of the Cold War between the United States, its European allies and the Soviet Union, which had effectively taken control of much of central and eastern Europe and established its satellite republics as communist nations. Emma Lazarus' great poem is not the law of the land LOL. Wouldn't it also decrease inflation? In some ways, this effort failed, as the OEEC never grew to be more than an agent of economic cooperation. [43][44], After Marshall's appointment in January 1947, administration officials met with Soviet Foreign Minister Vyacheslav Molotov and others to press for an economically self-sufficient Germany, including a detailed accounting of the industrial plants, goods and infrastructure already removed by the Soviets in their occupied zone. The Marshall Plan is also considered a key catalyst for the formation of the North Atlantic Treaty Organization (NATO), a military alliance between North American and European countries established in 1949.