The
European Community (EC) is an
international organization composed of the members of the
European Union.
The European Community was founded on March 25, 1957 by the Treaty of Rome. It was originally called the European Economic Community (EEC), but the 'Economic' was latter omitted from its name.
The purpose of the EC is to establish an economic and monetary union among its members. It is based on the "four freedoms":
- freedom of movement of goods: goods can travel freely, without duties, quotas or other restrictions, between member states
- freedom of movement of services: individuals and corporations from one member state are free to provide services in any other member state
- freedom of movement of capital: individuals in one member state may freely invest in other member states, and may freely transfer funds between them
- freedom of movement of persons: nationals of one member state are free to reside and work within any other member state
See also: History of the European Community