in 1952. Treaty of Rome in 1957 and EEC (Common market) in 1.01.58. France,
Italy, Belgium, Holland, Luxembourg, West Germany. UK joined in 1972 with
Ireland and Denmark. Greece 1981, Spain + Portugal 1986, Single European Act in
1987. Finland, Sweden, Austria in 1995.
union-common external tariffs, abolition of tariffs between. 46 African
countries w/o tax.
2.Common market -
economies of members are run as one.
1.The council of
One minister from each state. Voting is
weighted, executive body
17 commissioners (2 from larger states),
headquarters in Brussels, day-to-day running
Little authority, monitors common
Court of Justice
Ensures that law is followed. Final
UK gained in specialisation and comparative advantage,
lost food trade with commonwealth.
After 1992 Common market:
approved in one country can be freely marketed in any member.
2.Opening up of
government and other contracts
competition in telecommunications, IT, air routes, shipping + Channel Tunnel
restrictions will be removed
industrial property will become easier
qualities obtained in one country are accepted in others
Trade diversion - moving to a more expensive supply