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The Creation of the European Union The first major step toward European integration took place in 1950 Many Europeans felt that German industry needed to be monitored in some way Therefore the Schuman plan was created to oversee production and price policies Next a treaty was established the ECSC or the European Coal and Steel Community that provided for the elimination of tariffs and quotas on trade within the community After that the ECSC signed two additional treaties that led to the creation of the European Atomic Energy Community Euratom and the European Economic Community EEC The EEC treaty was for the gradual elimination of import duties and quotas on all trade between member nations and for the institution of a common external tariff In 1967 the EEC the ECSC and the Euratom fully merged as the European Community EC In 1985 the head members of the EC decided that it was time to take the next step toward integration and created the European Union EU which was aimed to es tablish a single market where the economies of the member states would be completely integrated The European Unions attempt to create a single currency within the new market was controversial from the start At the time the ECSC was created governments believed that political problems could be resolved through economic integration As a result a widespread belief has emerged that economic and political benefits will quickly outweigh the initial costs of switching to a single currency whose stability has yet to be proven The Euro Having a single currency for the United States makes economic transactions easier that having a different current in every state of the union This obvious fact has proelled Europe to introduce a single currency for the European Economic Community This section discusses the economic benefits and costs of the Eurodollar Benefits include the following 1 A single currency increases the transparency of prices If
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