Unit 3 Our Economy Size of different EU economies (GDP Em)
3,500 3,000 2,500 2,000 1,500 1,000 500 0
The EU is an important part of any study of global economics. It is a unique organisation as it is the first time in history that a large group of separate countries have voluntarily joined an economic and political union.
Why was the EU established? World War II was a turning point in Europe. The devastation inflicted by European countries on one another, as well as the new threat of nuclear war, was enough to convince some European leaders that war among European states should never happen again.
During the 1940s and 1950s, a number of treaties were signed that sought to improve relations and tie the economic fates of the most powerful European nations together. In 1951, six European countries signed the Treaty of Paris, creating The European Coal and Steel Community (ECSC) – a forerunner to the EU. The cooperation between the states was a great success. Steel production increased fourfold and coal production became safer and more environmentally friendly.
The success of the ECSC led to further economic integration of the six countries with the foundation of the European Economic Community (EEC) in 1958 and the signing of the Treaty of Rome to promote free trade among member states. Over the next 50 years the addition of members and the expansion of economic policies continued.
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Germany UK
France Italy Spain
Netherlands Sweden Poland Belgium Austria Denmark Finland Ireland
