European Economic Community

A Dictionary of Finance and Banking,  January, 1997  

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European Economic Community (EEC; Common Market) The European common market set up in 1957 by the six member states of the European Coal and Steel Community (ECSC); i.e. Belgium, France, West Germany, Italy, Luxembourg, and the Netherlands. At the same time the European Atomic Energy Community (Euratom) was set up.

The European Parliament and the European Court of Justice were formed in accordance with the Treaty of Rome in 1957. The treaty aimed to forge a closer union between the countries of Europe by removing the economic effects of their frontiers. This included the elimination ...

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