On this day, 77 years ago, April 16, 1948 (March 8, 1948 in the lunar calendar), the European Economic Cooperation Organization was established. The Organization for European Economic Cooperation was established on April 16, 1948. After World War II, the economies of European countries were severely weakened, and there was an urgent need to unite to implement the Marshall Plan to stabilize the European economy. Eighteen countries including the United Kingdom and France established the European Economic Cooperation Organization in accordance with the Convention on Economic Cooperation in Europe adopted on April 16, 1948. The organization has a Council of Ministers and an Executive Committee. The main purpose is to ensure that member states implement U.S. financial assistance, leverage the economic strength of member states, promote economic cooperation in Europe, and contribute to the rejuvenation of Europe. On September 30, 1961, the Organization for Economic Cooperation in Europe was reorganized into the Organization for Economic Cooperation and Development.