EUROPEAN ECONOMIC COMMUNITY (EEC), The European Economic Community (EEC) was established by the Treaty of Rome, Italy in 1957 by six European countries which is now known as the EU
The European Economic Community (EEC) was a regional organization that existed from 1957 to 1993. It was created by the signing of the Treaty of Rome in 1957, with the aim of establishing economic integration among its member states.
The founding members of the EEC were Belgium, France, Germany, Italy, Luxembourg, and the Netherlands.
The primary objective of the EEC was to establish a common market among its member states, characterized by the free movement of goods, services, capital, and labour. It aimed to eliminate trade barriers and create a level playing field for economic activities within the community.
This economic integration was intended to promote economic growth, increase employment opportunities, and enhance the standard of living for citizens of the member states.
Over time, the EEC expanded its membership, with the United Kingdom, Denmark, and Ireland joining in 1973, followed by Greece in 1981, Spain, and Portugal in 1986, and finally, Austria, Finland, and Sweden in 1995. As the community grew, it evolved into what is now known as the European Union (EU).
The EEC was also involved in developing common policies in areas such as agriculture, regional development, fisheries, and competition. It established institutions to govern its operations, including the European Commission, the Council of Ministers, the European Parliament, and the European Court of Justice.
In 1993, the EEC was officially replaced by the European Union through the signing of the Maastricht Treaty. The EU built upon the foundations of the EEC and expanded its scope to include not only economic integration but also political cooperation, foreign policy, and the adoption of a single currency, the euro, in several member states.
Today, the European Union consists of 27 member states and continues to be a significant political and economic entity, playing a crucial role in shaping European policies and promoting cooperation among its members.
These countries were France, West Germany, Italy, Belgium, The Netherlands and Luxemburg.
formation of the European economic community (EEC)
The EEC actually became a reality on the 1st of January, 1958 after the national parliaments of the six countries ratified the Rome Treaty with an overwhelming majority. Denmark, Britain and Ireland later joined the EEC in 1973, thereby, increasing its membership to nine
Objectives and functions of European economic community EEC
To adopt a common tariff policy
To eliminate barriers to the free mobility of labour and capital between member-states
To adopt a common transport policy among member-nations
To eliminate trade restrictions, thereby ensuring free trade between member-nations
Removing existing obstacles to guarantee a steady expansion, a balanced trade and fair competition
To strengthen the solidarity which binds European and overseas countries and to ensure the development of their economies
To strengthen the unity of their economies and ensure harmonious development
To ensure the economic and social progress of the member-countries
To fix the currencies of member nations with minimal adjustment, with a possibility of adopting a common currency known today as the Euro
concept of economics
economic tools for nation building
Originally posted 2025-01-18 18:42:14.