2424 Principles of Agree- ment. 62 Stat., Pt. 1,p. 137. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [62 STAT. PREAMBLE The GOVERNMENTS of THE UNITED STATES OF AMERICA and ITALY: Recognizing that the restoration or maintenance in European countries of principles of individual liberty, free institutions, and genuine independence rests largely upon the establishment of sound economic conditions, stable international economic relationships, and the achievement by the countries Of Europe of a healthy economy independent of extraordinary outside assistance; Recognizing that a strong and prosperous European economy is essential for the attainment of the purposes of the United Nations; Considering that the achievement of such conditions calls for a European recovery plan of selfhelp and mutual cooperation, open to all nations which cooperate in such a plan, based upon a strong production effort, the expansion of foreign trade, the creation or maintenance of internal financial stability and the development of economic cooperation, including all possible steps to establish and maintain valid rates of exchange and to reduce trade barriers; Considering that in furtherance of these principles the Government of Italy has joined with other like minded nations in a Convention for European Economic Cooperation signed at Paris on April 16, 1948[]under which the signa- tories of that Convention agreed to undertake as their immediate task the elabo- ration and execution of a joint recovery program, and that the Government of Italy is a member of the Organization of European Economic Cooperation created pursuant to the provisions of that Convention; Considering also that, in furtherance of these principles, the Government of the United States of America has enacted the Economic Cooperation Act of 1948, providing for the furnishing of assistance by the United States of America to nations participating in a joint program for European recovery, in order to enable such nations through their own individual and concerted efforts to become independent of extraordinary outside economic assistance; Taking note that the Government of Italy has already expressed its adhe- rence to the purposes and policies of the Economic Cooperation Act of 1948; Desiring to set forth the understandings which govern the furnishing of assistance by the Government of the United States of America under the Economic Cooperation Act of 1948, the receipt of such assistance by Italy, and ' Department of State publication 3145.
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