What is European Community ?
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The European Community (EC) was an economic association formed by six European member countries in 1957, consisting of three communities that eventually were replaced by the European Union (EU) in 1993. The European Community dealt with policies and governing, in a communal fashion, across all member states.The primary goal of the European Community was to foster a common trade policy that would eliminate trade barriers, thereby improving economic conditions for the entire region. Additionally, government officials from member states (who were well aware of the tensions still simmering in the aftermath of World War II) wanted to promote a high level of integration and cooperation in order to reduce the likelihood of future wars.
Definition
The European Community was an economic organization established in 1957 by six European member states. Its main goal was to handle policies and governance of all member countries collectively, promote a common trade policy, and eliminate trade barriers to improve the economic conditions of the entire region.
Origin
The origin of the European Community dates back to 1957 when six European countries signed the Treaty of Rome, establishing the European Economic Community (EEC). This organization gradually evolved into the European Union, founded in 1993. The background of its establishment was the desire of European countries to reduce the likelihood of war through economic integration after World War II.
Categories and Features
The European Community comprised three main communities: the European Coal and Steel Community (ECSC), the European Economic Community (EEC), and the European Atomic Energy Community (EURATOM). These communities were characterized by their collective decision-making to manage the economic and policy aspects of member states, promoting cooperation and integration among them.
Case Studies
A typical case is the cooperation between France and Germany within the framework of the European Community. Through the mechanisms of the community, these two countries achieved high coordination in trade and economic policies, reducing historical hostilities. Another case is Italy, which, by joining the European Community, gained more economic support and development opportunities, improving its domestic economic situation.
Common Issues
Investors might ask, what is the difference between the European Community and the European Union? The European Community was the predecessor of the EU, which, after its establishment in 1993, absorbed the functions of the European Community and further expanded them. Another common question is how the European Community affects the modern European economy. By eliminating trade barriers and promoting economic cooperation, it laid the foundation for the stability and growth of the modern European economy.
