Explanation: The Organization for European Economic Cooperation (OEEC) was established in 1947 to run the US-financed Marshall Plan for reconstruction of a continent ravaged by war.

• By making individual governments recognize the interdependence of their economies, it paved the way for a new era of cooperation that was to change the face of Europe.
• Encouraged by its success and the prospect of carrying its work forward on a global stage, Canada and the US joined OEEC members in signing the new OECD Convention on 14 December 1960.
• The Organization for Economic Co-operation and Development (OECD) was officially born on September 30, 1961, when the Convention entered into force.

Source: Ramesh Singh