The success of Coal and Steel Treaty led to the Treaty of Rome where the European Economic Community (EEC) or ‘common market’ as it was commonly known, created a freeway through which people, goods and services could freely move across the international borders (Europa, n.d.).
It was a landmark decision as now people within EEC countries could move without passport and custom duties will not be levied on goods and services, even farmers were paid the same across the Community, giving a joint control over the production of agricultural products. The only drawback was the surplus production. The problem arose with different currencies prevailing in different countries, and for an economic stability the requirement for a single currency was increasingly felt. In the year 1973 Denmark, Ireland and the United Kingdom also joined European Community (EC). In 1992, The Treaty on European Union is signed in Maastricht, which has been a major EU milestone as it set clear rules for the future regarding single currency, foreign and security policy as well as closer cooperation in justice and home affairs. Under the treaty, the name ‘European Union’ (EU) officially replaced that of ‘European Community’.
In the year 1999, the Euro (the common currency) was officially introduced in 12 countries namely Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland adopted Euro as their currency while Denmark, Sweden and the United Kingdom decided not to take it up as of, for then. As their foreign and security policy, the EU takes on peace-keeping operations by replacing NATO units in the Balkans, Yugoslav Republic of Macedonia, and then in Bosnia and Herzegovina. It was a strategic victory of their combined military power. Slowly and gradually EU was becoming a formidable force to reckon with. On December 2007 the Treaty of Lisbon was signed to amend all previous