Fay was head of the OEEC Economic Committee. In this capacity he was responsible for organising the annual review of the economic conditions in member countries. He was also involved with Working Party No. 23 of the Council concering financial assistance for the less developed countries with reference to the Free Trade Area.
The material mainly considers the 12th Annual Review of participant countries under such headings: output and employment, prices and wages, balance of payments, merchandise trade, cash reserve and expenditure, supply and use of resources, productivity in industry, demand factors, monetary and fiscal policy.

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