European Community (EC)

What Is the European Community (EC)?

The European Community (EC) was an economic association shaped by six European member countries in 1957, comprising of three networks that eventually were replaced by the European Union (EU) in 1993. The European Community managed policies and overseeing, in a mutual fashion, across all member states.

The primary goal of the European Community was to foster a common trade policy that would take out trade barriers, consequently working on economic conditions for the whole region. Moreover, government authorities from member states (who were very much aware of the pressures actually stewing in the result of World War II) wanted to advance a high level of integration and cooperation to reduce the probability of future wars.

Figuring out the European Community (EC)

The European Community (EC) was developed after World War II in the expectations that a more unified Europe would find it harder to do battle with each other. At the point when the European Community was made in 1957 there were six countries on the program: Belgium, Germany, France, Italy, Luxembourg, and the Netherlands.

The original European Community was involved three organizations and represented by a series of deals. These treaty organizations cooperated to guarantee fair and even policies were ordered and implemented across participating countries.

The European Economic Community (EEC)

The first of the three organizations in the European Community was the European Economic Community (EEC), otherwise called the Common Market. The EEC was laid out in 1957 by the Treaty of Rome as a method for bringing together the economies of Europe and reduce strains that could lead to war. Of particular concern was to advance an enduring reconciliation among France and Germany.

To kill trade barriers and execute unified trade policies, member countries expected to calmly coordinate strategically and referee differences. The benefit for all countries would be the ability to take part in profitable trade across borders. In 1962, the EEC executed an agricultural policy that safeguarded EEC farmers from competition emerging from agricultural imports.

The European Coal and Steel Community (ECSC)

The second organization in the European Community was the European Coal and Steel Community (ECSC). It was put in place to endeavor to control manufacturing rehearses across the member states. By coordinating the steel and coal industries in western Europe, the ECSC had the option to eliminate practically all trade barriers among member states in coal, steel, coke, scrap iron, and pig iron.

The ECSC set treaty rules with respect to pricing and standards, forcing fines on companies that defied the norms. By the 1960s, trade in the commodities administered by the ECSC had ascended all through the region. The focal point of the ECSC moved during the 1970s toward lessening excess production in the steel industry to maintain competitiveness as Japan overflowed the markets with cheap steel.

The European Atomic Energy Community

Finally, the European Atomic Energy Community (otherwise called "Euratom") was made in 1958 to lay out a common market among member nations for trade in nuclear materials and equipment. Among Euratom's goals was to arrange research and advance tranquil purposes for atomic energy.

The organization did exclude military purposes of nuclear materials as part of its oversight. All things being equal, it centered around trade issues and laying out wellbeing and safety regulations for atomic energy.

The European Union

In 1993, the European Community was moved into the European Union (EU) when the Maastricht Treaty came full circle. Starting around 2021, there are 27 countries in the EU: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.

On June 23, 2016, the residents of the United Kingdom casted a ballot to leave the European Union, a move named Brexit in the press. The United Kingdom authoritatively ended its membership in the European Union on Jan. 31, 2020.

Highlights

• The six establishing member countries of the European Community were Belgium, Germany, France, Italy, Luxembourg, and the Netherlands.
• The European Community comprised of three economic associations: the European Economic Community (EEC), the European Coal and Steel Community (ECSC), and the European Atomic Energy Community.
• The European Community (EC) was made in 1957 as a method for fostering trade cooperation and reduce strains in the outcome of World War II.
• In 1993, the European Community was replaced by the European Union when the Maastricht Treaty came full circle.