Greece: On the Road to Recovery?



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The European Union

The concept of a unified Europe for economic development as a way to prevent further wars among nations was paramount in the minds of the Europeans after the disastrous effects of the World War II. Significant efforts were made toward this end by the leaders of the European countries at various times. The European nations were also looking for a way to compete with the strong US dollar.

As a first step toward bringing the European countries under one umbrella, The Treaty of Paris was signed in 1952 to establish the European Coal and Steel Community (ECSC) to promote peaceful and profitable trade in coal and steel, the key resources which had been central to the war effort between countries. The countries which signed the treaty were France, West Germany, Italy, Belgium, Luxembourg, and the Netherlands.

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The EURATOM (European Atomic Energy Community) Treaty was signed in 1957. The purpose was to create a specialist market for nuclear power in Europe, develop nuclear energy, and distribute it to member states while selling the surplus to non member states. In 1958, the Treaty of Rome was signed to establish the European Economic Community (EEC), which comprised Belgium, France, Italy, Luxembourg, West Germany, and the Netherlands. The treaty proposed a progressive reduction in customs duties and the formation of a customs union. It created a common market of goods, workers, services, and capital within the member states.......

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