The European Union, formerly known as the European Economic Community, is a coalition of European countries that collaborate to facilitate the movement of people, money, and goods among them. Their goal is to achieve greater unity in both economic and political aspects. Established in 1957 as the European Economic Community, it was renamed the European Union in 1993.
The European Economic Community (EEC) aimed to achieve full economic unity and eventual political union among European nations by removing barriers to the free movement of capital, goods, and labor. The EEC was succeeded by the European Union (EU), which promotes economic and political cooperation among its member states. The EU was initially established as the European Economic Community by the Treaty of Rome in 1957 and later renamed the European Community (EC). The Maastricht Treaty on European Union in November 1993 transformed the European Community into the European Union. One way the EU eliminates barriers to the free movement of goods is through the creation of a single market, allowing goods to be sold and transported freely between member states without tariffs or trade barriers. For instance, a car manufactured in Germany can be sold in France without any additional taxes or fees. Additionally, the EU’s policy of free movement of people enables citizens of member states to live and work in any other member state without requiring a visa or work permit. For example, a Spanish citizen can move to the UK for employment without the need for a visa or work permit. These examples demonstrate the EU’s commitment to achieving full economic unity and removing trade and movement barriers within its member states.
The European Economic Community, also known as the Common Market, was a regional organisation that aimed to promote economic integration among its member states in Europe. It was established by the Treaty of Rome in 1957.
Initially, the EEC had six member states: Belgium, France, Germany, Italy, Luxembourg, and the Netherlands. Over time, it expanded to include more countries and eventually transformed into the European Union (EU).
The main objectives of the EEC were to establish a common market, eliminate trade barriers, promote free movement of goods, services, capital, and labor, and foster economic cooperation among member states.
Yes, the EEC had its own legal system, which included the European Court of Justice (ECJ) as the highest judicial authority. The ECJ interpreted and applied the EEC treaties and ensured their uniform interpretation across member states.
The EEC significantly facilitated trade among member states by eliminating customs duties and other trade barriers. This led to increased economic integration and the creation of a single market within the EEC.
Yes, the EEC played a crucial role in developing and enforcing competition law. It established rules to prevent anti-competitive practices, such as cartels and abuse of dominant market positions, and created the European Commission to enforce these rules.
Non-EEC countries could trade with EEC member states, but they faced certain trade barriers, such as customs duties and quotas. However, the EEC also negotiated preferential trade agreements with some non-member countries.
Yes, the EEC implemented a common agricultural policy (CAP) to support and protect European farmers. The CAP aimed to ensure food security, stabilize agricultural markets, and provide income support to farmers.
The EEC had mechanisms in place to handle disputes among member states. The ECJ had jurisdiction to resolve legal disputes related to the interpretation and application of EEC treaties, and member states could also engage in diplomatic negotiations to resolve conflicts.
The EEC evolved into the European Union through a series of treaties and agreements. The Maastricht Treaty, signed in 1992, established the EU and expanded its scope beyond economic integration to include political and social cooperation among member states.
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This glossary post was last updated: 17th April 2024.
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