The Supreme Economic Council was established at the Paris Peace Conference

Paris Peace Conference, 1919

The Paris Peace Conference was the meeting of the Allied victors following the end of World War I to set the peace terms for the defeated Central Powers following the armistices of 1918. It took place in Paris in 1919 and involved diplomats from more than 32 countries and nationalities...

 in February 1919 to advise the conference on economic measures to be taken pending the negotiation of peace. Specialized commissions were appointed to study particular problems: the organization of a League of Nations

League of Nations

The League of Nations was an intergovernmental organization founded as a result of the Paris Peace Conference that ended the First World War. It was the first permanent international organization whose principal mission was to maintain world peace...

and the drafting of its Covenant; and the determination of responsibility for the war and guarantees.