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The European Economic Community

The European Economic Community (EEC) has emerged as one of the three world economic powers, along with the United States (EC) and Japan. Further economic integration, together with a significant level of political integration, is scheduled for the EEC on 1 January 1992. Nonmember states of the EEC are apprehensive over the implications of both the further economic and the more limited political integration of the EEC. This research examines the creation, status, and post1992 outlook for the EEC.INTEGRATION IN EUROPE

Within the context of international regional integration, there are five levels(1) freetrade area, (2) customs union, (3) common market, (4) economic union, and (5) political union (Grosse, & Kujawa, 1988). Each successive level involves agreater degree of integration. At the lowest level of integration, the freetrade area, tariffs are eliminated on the trade between the member countries. At the next level, the customs union, common external tariffs are applied to all trade between the member countries and nonmember countries. The third level, the common market, moves one step further along, and permits the free flow of the factors of production among member

2countries. At the fourth level, economic union, monetary and fiscal harmonization among member countries is added to the common market system. The final level, political union, involves the creation of a single government over all member countries, and the loss of national identity for the individual member states of the union.

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 (Paxton, 1990). The European Atomic Energy Community (EURATOM) was created at the same time, by the same treaty, and with the same membership (Brewin, 1987). Each of these organizations became functioning realities on 1 January 1958 (Brewin, & McAllister, 1988...

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The European Economic Community. (1969, December 31). In LotsofEssays.com. Retrieved 16:36, December 06, 2021, from https://www.lotsofessays.com/viewpaper/1684643.html