Publication: Address before the Foreign Policy Association, Cincinnati, Ohio, June 1, 1948
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1948-06-01
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2019-05-14
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John J. McCloy, President of the International Bank for Reconstruction and Development, spoke about the prospects for success by the European Recovery Program and the role of Bank in it. He commented on the world leadership role of the United States. He reviewed the five loans the Bank has made to date. He concluded by discussing South America countries and their needs for technical assistance and advice in connection with their development.
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“McCloy, John J.. 1948. Address before the Foreign Policy Association, Cincinnati, Ohio, June 1, 1948. © World Bank. http://hdl.handle.net/10986/31698 License: CC BY 3.0 IGO.”
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Publication Address before the Foreign Policy Association, Minneapolis, January 19, 1949(World Bank, Washington, DC, 1949-01-19)John J. McCloy, President of the International Bank for Reconstruction and Development, spoke about the elusive matter of international economic recovery. He reviewed the policy environment for the European Recovery Program (Marshall Plan), economic integration, and international trade imbalances. Europe’s dollar problem is America’s dollar problem.Publication Address Presenting the Third Annual Report(World Bank, Washington, DC, 1948-09-28)John J. McCloy, President of the International Bank for Reconstruction and Development, discussed the European Recovery Program and the role of Bank in it. He reported on provisions for using loan proceeds. He was proud of a guarantee operation to sell the notes of Dutch shipping companies to U.S. banks. He spoke about how the Bank sold to the Bank for International Settlements an issue of Swiss Franc bonds, and the proceeds were used in the loan to The Netherlands. He concluded by talking about variety of the projects presented to the Bank from all over the world and how this would keep the Bank busy.Publication The International Bank and World Trade(World Bank, Washington, DC, 1948-11-08)John J. McCloy, President of the International Bank for Reconstruction and Development, spoke about the loans granted by the Bank for European reconstruction and trade promotion. The Bank is currently in discussions about development projects for more than 20 member countries. He noted the shortage of technical experts in under-developed countries. Financial stability is necessary for trade growth. He concluded by saying that a prosperous world would be possible only if there was a good volume of international trade.Publication Address before the Overseas Press Club of America, New York City, March 16, 1948(World Bank, Washington, DC, 1948-03-16)John J. McCloy, President of the International Bank for Reconstruction and Development, discussed the appropriate function of the Bank. It cannot be the overall financer of global balance of payment deficits. It can finance economically strategic and productive projects. It can be the bridge between government and private financing, and thereby complement the Marshall Plan. He discussed administration of the Marshall Plan and national self-interest. The opportunity afforded by recovery of Europe and its closer integration remains the first and most promising objective to achieve.Publication Address Broadcast over Station CFCF, Montreal, February 18, 1948(World Bank, Washington, DC, 1948-02-18)John J. McCloy, President of the International Bank for Reconstruction and Development, commented on the interdependence of Canada with the world economy. He discussed the sources of capital the Bank draws upon for lending and guarantees. He noted that the European Recovery Program (Marshall Plan) does not conflict with role of the International Bank. He discussed the economic situation of Latin America and its relation to Europe. He warned that the European Recovery Program has limitations.
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