A customs union which also has a common system of commercial law allowing freedom of movement of goods, services, capital and labour with domestic parameters. Often used as a reference to the European Community.
an international organization of European countries formed after World War II to reduce trade barriers and increase cooperation among its members; "he took Britain into Europe"
Original name for the European Union. Technically called the EEC, then the EC and finally the EU.
A "common market" is the generic term given to a free trade area with a common external tariff, international labour mobility and common economic policies amongst participating states.
Refer to: Customs Union, European Coal and Steel Community, European Community
A popular alternative name for the European Economic Community (EEC) and, later, for the EC.
A group of nations that have eliminated tariffs and sometimes other barriers that impede trade with each other while maintaining a common external tariff on goods imported from outside the union.
See EUROPEAN ECONOMIC COMMUNITY.
the European Economic Community, created by the six nations of the Coal and Steel Community in 1957. (p. 997)
a shorthand and old-fashioned way of referring to the EEC. Community method - the means of taking most decisions in the EU: the Commission proposes; the Council and the European Parliament jointly decide. Federalists argue that this should be used for all legislation and the budget. (more information)
Created by Joe Gilmore, the Head Barman of the American Bar at the Savoy Hotel in London, to mark Britain’s entry into the European Economic Community in 1973, using drinks from all the other member states.