European Community

Posted in Finance, Accounting and Economics Terms, Total Reads: 773

Definition: European Community

European Community formerly known as European Economic Community (EEC) was one of the three pillars of European Union (EU). One of the two other pillars was European Coal and Steel Community (ECSC). The other pillar was European Atomic Energy Association. These three pillars existed before the creation of European Union in 1993. The main purpose of EEC was to integrate economies of Europe.

EEC was established in the 1957 by the Treaty of Rome. Belgium, France, Italy, Luxembourg, The Netherlands, The United Kingdom, Denmark, and Ireland signed this deal. The main function of EEC was to remove the trade barriers among the member countries and establish common foreign trade policy. Politically the EEC aimed to reduce tensions in the aftermath of World War II. In particular, it was hoped that integration would promote a lasting reconciliation of France and Germany, thereby reducing the potential for war.

On July 1, 1967, the governing bodies of EEC, ECSC, and Euratom were merged and became only EEC under European Union Act. By Maastricht Treaty in 1993, the European Economic Community became European Community. This European Community had been integral part of European Union since 2009. In 2009, under the Lisbon Treaty the European Community was eliminated.


Hence, this concludes the definition of European Community along with its overview.

Browse the definition and meaning of more terms similar to European Community. The Management Dictionary covers over 7000 business concepts from 6 categories. This definition and concept has been researched & authored by our Business Concepts Team members.

Search & Explore : Management Dictionary

Share this Page on:
Facebook ShareTweetShare on Linkedin