The European Economic Community (EEC) was established by the Treaty of Rome in 1957, which came into force on January 1, 1958. The EEC was one of the three European Communities, alongside the European Atomic Energy Community (EURATOM) and the European Coal and Steel Community (ECSC). Here are key details:
Foundation and Membership
- The original members of the EEC were Belgium, France, Italy, Luxembourg, Netherlands, and West Germany.
- The EEC aimed to create a common market among its members by eliminating trade barriers, establishing common policies, and promoting economic cooperation.
Objectives and Achievements
- Common Market: The EEC introduced the concept of a common market, which meant the free movement of goods, services, capital, and people among member states.
- Customs Union: By 1968, the EEC had established a customs union, where goods could move freely within the community without customs duties or quantitative restrictions, and a common external tariff was applied to goods from non-member countries.
- Common Agricultural Policy (CAP): Introduced in 1962, CAP aimed to stabilize agricultural markets, increase agricultural productivity, and ensure a fair standard of living for the agricultural community.
- Regional Development: The EEC also worked on reducing regional disparities through various funds and policies.
Evolution and Expansion
Transition to the European Union
- The EEC was transformed into the European Union (EU) with the entry into force of the Maastricht Treaty in 1993.
- The EU incorporated the EEC's structures, policies, and ambitions into a broader framework that also included political and monetary union.
Legacy
The EEC's legacy is profound in the context of European integration:
- It laid the groundwork for the EU's current structure, including its institutions like the European Parliament and the European Commission.
- The principles of free movement, common policies, and economic cooperation established by the EEC continue to be fundamental to the EU.
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