The Organization for European Economic Cooperation (OEEC) was set up under, and has as its charter, the Convention for European Economic Cooperation signed in April 1948. To understand the way in which the Organization works, it is worth looking at one or two of the provisions of the convention. This agreement consists of two parts: the first a statement of the principles of individual action and cooperation on which the contracting parties are agreed; the second, the charter of OEEC.