While the idea of a massive aid programme for Europe was germinating within the American administration, Jean Monnet was taking the initiative to tackle inflation in France. To achieve this end he formulated a plan for the modernisation and requipment of France, which became more commonly known as the Monnet Plan. Once Marshall Aid legislation had been enacted by Congress, it was distributed in France through the mechanisms established by the Monnet Plan. Marshall aid provided the foreign exchange needed for the reconstruction of France. Marshall credits were biased in favour of France as it was based on the dollar deficits of recipient countries, of which France had the greatest amount. Therefore the French long term programme fell within the parameters of the overall European Recovery Programme as favoured by the US. The French programme aimed at achieving a modest and rising standard of living with balance of payments equilibrium in 1952-53 by a prodigious production effort, based on a concentratetd investment programme. A large part of the counterpart funds were used in the installation of strip mills for iron and steel constructed by SOLLAC, Societé Lorraine de Laminage Continu, made up of nine individual companies. The ECA gave substantial aid in getting this project under way

The originals are held in various Archives in Europe and in the USA

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