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Economic Integration of the EEC

This research reviews the further economic integration of the European Economic Community (EEC) scheduled to become effective 1 January 1992, and assesses the probable impact of this integration on financial markets in the United States (US). The findings of this research are presented in discussions related to (1) EEC background and development, (2) the role of the EEC in international finance, and (3) probable impact of further EEC economic integration on US financial markets.

The EEC was created with the signing of a treaty in Rome in 1957, by Belgium, France, the Federal Republic of Germany, Italy, Luxembourg, and the Nederlands.1 The European Atomic Energy Community (EURATOM) was created at the same time, by the same treaty, and with the same membership.2 Each of these organizations became functioning realities on 1 January 1958.3 Prior to the creation of the EEC and EURATOM, the European Coal and Steel Community (ECSC) had been created by a treaty signed in Paris in 1951.4 The ECSC was comprised of the same six member countries which formed the EEC and EURATOM, and became a functional reality on 10 August 1952.5

Until 1 July 1967, each of the three communitiesthe EEC, EURATOM, and ECSCfunctioned as separate entities, although there were some common institutions. On 1 July 1967, however, the executives of the three communities were merged into a single commission, and the goals and objectives of the three communities are pursued in a coordinated and cohesive manner.6

The longterm goals of the communities are (1) the integration of the economies of the member countries, and (2) political unity. Pursuit of economic integration has been both more rapid and more successful than has the pursuit of political unity, although economic integration has also been beset with significant problems. The specific objectives of the three communities are as follows:

1. EURATOM: (a) supplement and coordinate the ...

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Economic Integration of the EEC. (1969, December 31). In LotsofEssays.com. Retrieved 04:25, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1683906.html