European Community (or European Communities, EC): was established 8 April 1965 to integrate the European Atomic Energy Community (Euratom), the European Coal and Steel Community (ESC), the European Economic Community (EEC or Common Market), and to establish a completely integrated common market and an eventual federation of Europe; merged into the European Union (EU) on 7 February 1992; member states at the time of merger were Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, UK
European Free Trade Association (EFTA): established - 4 January 1960; effective - 3 May 1960
aim - to promote expansion of free trade
members - (4) Iceland, Liechtenstein, Norway, Switzerland
European Investment Bank (EIB): established - 25 March 1957; effective - 1 January 1958
aim - to promote economic development of the EU and its predecessors, the EEC and the EC
members - (15) Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, UK
European Monetary Union (EMU): note - an integral part of the European
Union; also known as the European Economic and Monetary Union
proposed - 1-2 December 1969 at summit conference of heads of government; signed - 7 February 1992 - Maastricht Treaty
aim - to promote a single market by creating a single currency, the euro; time table - 2 May 1998: European exchange rates fixed for 1 January 1999; 1 January 1999: all banks and stock exchanges begin using euros; 1 January 2002: the euro goes into circulation; 1 July 2002 local currencies no longer accepted