stablishing the EEC and the European Atomic Energy Community (EURATOM). The two treaties were signed in Rome on 25 March 1957. The EEC came into being on 1 January 1958.
In 1956, while discussions concerning the
establishment of the EEC were taking place, some other
members of the OEEC presented the idea of a broad free
trade area, covering the whole of Western Europe. This
initiative led to the establishment of an intergovernmental Committee of Ministers to negotiate a free trade area agreement. (EFTA: 40 years of free trade, 2000, p. 22).
In sum, European integration continues to be a work in progress rather than a fait acompli. This half-century long process remains incomplete despite the institution of a single EU currency, the euro. This lack of complete integration is one reason why the euro faces continued challenges.
The EU is not just a paper organization for bankers and manufacturers. Replacing national currencies with the euro was seen as a necessary mechanism to facilitate t
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