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Anatomy Of A Regional Trading Bloc : The European Union (From The Date Of Formation To The Year 2003)

7615 words - 30 pages

European Union the FormationOriginally the European Coal and Steel Community (ECSC) was formed with the then West Germany, France, Italy Belgium, Netherlands and Luxembourg in 1952. The aim of the ECSC was to eliminate import duties and quotas on coal, iron ore, steel and scrap regarding the international trade among the member countries. The successful functioning of ECSC stimulated the member countries to extend this facility to all commodities by the Treaty of Rome in 1957. This treaty gave birth to European Economic Commission or other wise Known as European Union.The European Economic Community is also known as European Common Market. Originally six countries, viz., France, Federal Republic of Germany, Italy, Belgium, Netherlands and Luxembourg formed into the European Economic Community (EEC) by the treaty of ROME., 1957. IT CAME INTO BEING ON 1ST January, 1958. The number of member countries of the EEC increased from 6 to 9 on January 1, 1973 as UK, Ireland and Denmark joined the Union. Greece joined the EEC in 1981 and Portugal and Spain joined in 1984. Austria, Finland and Sweden joined the Community on Jan 1, 1986. Now the EEC has 15 Members. The requirements joining the EEC as members are:1) The country must be a European country.2) It must be a democratic country.ObjectivesEEC consists of three organizations, viz., the European Coal and Steel Authority (ECSC), the European Economic Community (EEC) and the European Atomic Energy Community (Euratom).The Main Objective of the EEC is "The community shall have its task, by setting up a common market, to promote throughout the community a harmonious development by economic activities, a continuous and a balanced expansion, an increase in stability and accelerated raising of the standard of living and closer relations between the Member States belonging to it."Activities of the EECThe activities of the EEC based on the objectives are:1) Elimination of custom duties, quantitative restrictions with regard to exports and imports of goods among member countries.2) Establishment / formulation of a common customs tariff and a commercial policy with regard to non-member countries.3) Abolition of all obstacles for movement of persons, services and capital among member countries.4) Formulation of common policy in the area of agriculture.5) Formulation of common policy with regards to transport.6) Establishment of a system which would ensure competition among member nations.7) Application of programs in order to coordinate the economic policies of the member countries.8) Application of the procedures and programs to control the disequilibrium in the balance of payments of member countries.9) Approximation of the legislations of the member governments to the extent required for the proper functioning of the common market.10) Establishment of European Social Fund with a view to enhance the employment opportunities for workers and to improve their living standards.11) Establishment of European Investment...

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