On 23 July 1952, the Treaty of Paris, which formally established the European Coal and Steel Community (ECSC), came into effect.
The treaty, which was signed by Belgium, France, West Germany, Italy, the Netherlands and Luxembourg, was intended to bring peace and economic prosperity to the continent in the aftermath of the Second World War.
It established a common market for coal and steel, originally proposed by French foreign minister Robert Schuman in 1950. Schuman thought that the joint production of coal and steel would make war "not merely unthinkable, but materially impossible".
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
With its headquarters in Brussels, the ultimate aim of the ECSC was to create a United States of Europe' governed by supranational institutions. And gradually, the ECSC would indeed morph into the European Union.
In 1957, the Treaty of Rome created the European Economic Community, which broadened the scope of co-operation, and allowed for the free movement of all goods, services and people across borders.
In 1973 came the EEC's first expansion, when Denmark, Ireland and the UK joined. Greece joined in 1981, followed five years later by Spain and Portugal. Austria, Finland and Sweden joined in 1995, and in 2004, eight former Eastern Bloc countries, plus Cyprus and Malta, joined. Bulgaria and Romania became members in 2007, and Croatia in 2013.
The ECSC was finally disbanded in 2002.
Today, the EU's 28 member states have a combined population of 503 million some 7% of the world's population. Its budget in 2014 was €142.6bn. By 2020, that is projected to rise to €167bn.
-
Why Chinese stocks are so far out of favourThere’s little appetite for Chinese stocks despite low valuations.
-
The 62 UK areas where you could be priced out of using your Lifetime ISASaving for your first home in Croydon, Ealing, Brent or any one of these other locations? You could be at risk of being priced out of using your Lifetime ISA
-
27 November 1967: Charles de Gaulle vetoes Britain's entry to the EECFeatures On this day in 1967, French president Charles de Gaulle vetoed Britain's attempt to join the European Economic Community, claiming Britain didn’t agree with the core ideas of integration.
-
16 September 1992: Black Wednesday sees sterling crash out of the ERMFeatures On this day in 1992 – 'Black Wednesday' – the value of the pound crashed as currency speculators sold, dumping sterling out of the European Exchange-Rate Mechanism
