The Economic Policy Committee (EPC) which was previously Working Party No.19 of the Council of the OEEC has the responsibility for ensuring that the general economic policies of member countries are adequately co-ordinated in the interests of the major aims of the OECD. The EPC and its three working parties, the best known of these is Working Party No.3 dealing with international payments, works hand in hand with the Economic Development Review Committee which prepares and publishes the annual survey of each Member, which provides the information and statistics for the EPC.This Committee is composed of senior officials with a major responsibility in the formulation of general economic policies, keeps under review economic development in all Member countries and the policies they are following to help attain the objectives of the Convention. The Committee pays special attention to the international repercussions of national policy measures which are particularly important now that the major obstacles to the free movement of goods and capital are being removed. The main problems which the EPC dealt with during the period in question were international payments equilibrium, international repercussions of national policy measures which are particularly important now that the major obstacles to the free movement of goods and capital were being removed, economic growth and problem of inflation.

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