By this time, some foremost nations around the world felt which the OEEC had outlived its objective but may be tailored to fulfil a far more world mission, which proved to be a cumbersome job. Adhering to many (often unruly) conferences at the Hotel Majestic in Paris, which began in January 1960, a resolution was reached to create a entire body that might not merely fix European and Atlantic financial difficulties, but will also devise insurance policies which could assist less developed countries.

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