The European Union (EU) was formerly known as the European Economic Community (EEC) and it was founded in 1957 with a treaty signed in Rome. The organization initially had six members, which are Luxemburg, Belgium, Netherland, Germany, Italy, and France. In 1973, the membership increased to nine with other members, Britain, Denmark, and Republic of Ireland joining. Greece also joined in 1981
By 1968, the EU (EEC at that time) has got to the stage of customs unions and later it developed to the stage of common market. The organization is one of the most successful in the world. It presently possesses some characteristics of economic union, though it has not fully become one just as no economic grouping in the world has attained such a level as now.
The main aim and objectives of the European Union (EU) include:
- The adoption of a uniform agricultural policy by the member nations
- The adoption of a uniform external tariff on imports from outsiders or non-member nations
- The encouragement of free trade among the member countries
- The harmonization of monetary and fiscal policies of the member countries
- The facilitation of free movements of factors of production within the member nations