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[1] In 1960 the European Free Trade Association (EFTA) was established and was formed by Austria, Denmark, Norway, Portugal, Sweden, Switzerland and the United Kingdom. These countries were often referred to as the Outer Seven, as opposed to the Inner Six of the founding members of the European Community (EC). [2]
Accusations that this was a U-turn on the EU treaties, which rule out any bail out of a euro member in order to encourage them to manage their finances better, were countered by the argument that these were loans, not grants, and that neither the EU nor other Member States assumed any liabilities for the debts of the aided countries.
The European Economic Community (EEC) was a regional organisation created by the Treaty of Rome of 1957, [note 1] aiming to foster economic integration among its member states. It was subsequently renamed the European Community (EC) upon becoming integrated into the first pillar of the newly formed European Union (EU) in 1993.
The official EU media (the speeches of the European Commission) frequently referred to the enlargement to the CEE region as "an historical opportunity" and "morally imperative", which reflected the desire of the EU to admit these countries as members, even though they were less developed than the Western European countries. [70]
The European Political Co-operation (EPC) was the common term for the co-ordination of foreign policy between member states of the European Communities (EC) from its inception in 1970 until the EPC was superseded by the new European Union's (EU) Common Foreign and Security Policy (CFSP) pillar upon the entry into force of the Maastricht Treaty in November 1993.
The following timeline outlines the legal inception of the European Union (EU)—the principal framework for this unification. The EU inherited many of its present responsibilities from the European Communities (EC), which were founded in the 1950s in the spirit of the Schuman Declaration .
The Treaty on European Union, commonly known as the Maastricht Treaty, is the foundation treaty of the European Union (EU). Concluded in 1992 between the then-twelve member states of the European Communities, it announced "a new stage in the process of European integration" [2] chiefly in provisions for a shared European citizenship, for the eventual introduction of a single currency, and ...
The European Union (EU) is a political and economic union of 27 member states that are party to the EU's founding treaties, and thereby subject to the privileges and obligations of membership. They have agreed by the treaties to share their own sovereignty through the institutions of the European Union in certain aspects of government.