Economic impact of the new entrants in the European Union
- On the division of powers
- The allocation of powers by States
- The exclusive competence of the Community
- Collaboration between the EU and member states
- Skills linking the EU and EU Member States
- A more active role for national parliaments
The anniversary of the Treaty of Rome falls on March 25. In 1957, the European Economic Community (EEC) and the European Atomic Energy Community (Euratom) were established. It laid the first stone of the building for the European Union. The Netherlands, Germany, Belgium, Luxembourg, Italy and France, were engaged in an unprecedented undertaking. With its success, the draft of the regional economic union was set to expand in waves. Thus, in 1973 it had nine member states with the accession of Britain, Ireland and Denmark, and the membership rose to ten in 1981 with the entry of Greece, and finally twelve with the backing of Portugal and Spain. The community turned into a union by the signing of the Maastricht Treaty in 1992. In 1995, Austria, Sweden and Finland joined as well. The dynamics of economic integration was simple. Indeed, several nations agreed to trade between them, and gradually unified their markets, and derived mutual benefits.