The creation of the European Monetary Union was the result of a long and continuous series of post-World War II efforts aimed at creating closer economic cooperation among the capitalist European countries. The European Community (EC) commission's officially stated goals were to improve the inter- European economic cooperation, create a regional area of monetary stability, and act as "a pole of stability in world currency markets."
The first steps in this rebuilding were taken in 1950, when the European Payment Union was instituted to facilitate the inter- European settlements of international trade transactions. The purpose of the community was to promote inter-European trade in general, and to eliminate restrictions on the trade of coal and raw steel in particular. In 1957, the Treaty of Rome established the European Economic Community, with the same signatories as the European Coal and Steel Community.
The first steps in this rebuilding were taken in 1950, when the European Payment Union was instituted to facilitate the inter- European settlements of international trade transactions. The purpose of the community was to promote inter-European trade in general, and to eliminate restrictions on the trade of coal and raw steel in particular. In 1957, the Treaty of Rome established the European Economic Community, with the same signatories as the European Coal and Steel Community.
The stated goal of the European Economic Community was to eliminate customs duties and any barriers against the transit of capital, services, and people among the member nations. The EC also started to raise common tariff barriers against outsiders.
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