European Union

European Union Trade Summary

The European Union was set up to end feuding between neighbors in Europe, which ended during the late 1940s. In 1950, the European Coal and Steel Community united Belgium, France, Germany, Italy, Luxembourg, and the Netherlands as its founders. In 1957, the Treaty of Rom created what was called the European Economic Community (EEC), or “Common Market”.

In the 1960s, economic growth occurred due in part because countries stop charging custom duties when they traded with one another. They also agreed to have joint control over food production, and eventually there was a surplus in agricultural produce. In 1973, Demark, Ireland and the United Kingdom joined the European Union. The European Union regional policy starts to transfer money to create jobs and structure in poorer areas and the European parliament gains influence in European affairs and allows citizens in 1979, to elect their members directly.

During the 1980s, change is evident. Greece joins and Spain and Portugal follow. The Single European Act is signed in 1987 and it provides a way to sort out problems with the free-flow of trade across European borders and creates “The Single Market.”, which creates four freedoms of : movement of goods, services, people and money. Soon after there is the collapse of communism across central and Eastern Europe, and there is a sense of togetherness as they are close neighbors. Two treaties are developed and people become concerned with protecting the environment and security and defense matters. In 1995, three more countries join the Union, Austria, Finland and Sweden. Communication is enhanced by technology.

Today, the union is still active with the euro as its new currency and many more countries continuing to join the union. This union gives the sense of globalization. It will be exciting