This research examines the integration of the United Kingdom ì
(UK) into the European Monetary System (EMS). Background ì
information of the European Community (EC) and its development is ì
provided and the role of the EC in international finance is ì
addressed as a part of this examination.ì
Creation and Evolution of the ECì
The European Economic Community (EEC) was created with the ì
signing of the Treaty of Rome in 1957 by Belgium, France, the ì
Federal Republic of Germany, Italy, Luxembourg, and the ì
1C. Brewin, "The European Community: A Union Of States ì
Without A Union Of Government," Journal of Common Market Studiesô, ì
» The European Atomic Energy Community (EURATOM) was ì
created at the same time, by the same treaty, and with the same ì
membership (Brewin, 1987). Both the EEC and EURATOM became ì
functioning realities on 1 January 1958. ì
Prior to the creation of the EEC and EURATOM, the European ì
Coal and Steel Community (ECSC) had been created by a treaty ì
signed in Paris in 1951, and became a functional reality on 10 ì
August 1952. The ECSC was the first of the communities, and when ì
it was formed was comprised of the same six member countries that ì
The three communities--the EEC, EURATOM, and the ECSC-- ì
functioned as separate entities until July 1967. Among the three ì
communities, however, there were some common institutions. The ì
executives of the three communities were merged into a single ì
commission on 1 July 1967. Since that time, the goals and ì
objectives of the three communities have been pursued in a ì
= 6 á2 ìècoordinated and cohesive manner, and all of the separate ì
communities have become components of the European Community ì
There are two major long-term goals of the EC.à 4.ls1
2"A Blueprint For Europe: When The...