ECONOMICS
AND THE
EUROPEAN
UNION
COMMON MARKET
• 1957- Treaty of Rome creates European Economic
Community (EEC) or the “Common Market”
• Established 4 institutions: a Commission, Council of
Ministers, European Parliament, and a European Court of
Justice
• Wanted to create closer cooperation on economic and
trade issues, overseas aid, and commerce to taxation
EUROPEAN REGIONAL
ECONOMIC FUND
• Created in 1974
• Wanted to move money from rich to poor regions
• Improve road conditions and communications
• Attract investment and create jobs
COLLAPSE OF
COMMUNISM
• Led to more European neighbors to become closer
neighbors
MAASTRICHT TREATY
• Amended Treaty of Rome
• Created new model for European Union based on 3 pillars
• Economic Relations
• Foreign Relations
• Home Affairs
• Officially created the EU and began the Economic and
Monetary Union
• Led to the Euro
TREATY OF
AMSTERDAM
• 1997
• Pushed forward model of a supranational EU
• At expense of intergovernmental co-operation
THE EURO
TREATY OF LISBON
• Made EU Bill of Rights legally binding
• Created more powerful European Parliament
• Created a President for the European Council and a High
Representative of the Union for Foreign Affairs and
Security Policy
CURRENT ISSUES
• 2012 Nobel Peace Prize Controversy
• Many members of EU in debt
• Germany bailed many of them out