munities, **

EC) was established 8 April 1965 to integrate the European Atomic Energy
Community (Euratom), the European Coal and Steel Community (ESC), the
European Economic Community (EEC or Common Market), and to establish a
completely integrated common market and an eventual federation of Europe;
merged into the European Union (EU) on 7 February 1992; member states
at the time of merger were Belgium, Denmark, France, Germany, Greece,
Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, UK

** European Free Trade Association (EFTA) **

established - 4 January 1960; effective - 3 May 1960

aim - to promote expansion of free trade

members - (4) Iceland, Liechtenstein, Norway, Switzerland

** European Investment Bank (EIB) **

established - 25 March 1957; effective - 1 January 1958

aim - to promote economic development of the EU and its predecessors,
the EEC and the EC

members - (15) Austria, Belgium, Denmark, Finland, France, Germany,
Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain,
Sweden, UK

** European Monetary Union (EMU) **

note - an integral part of the European Union; also known as the European
Economic and Monetary Union

proposed - 1-2 December 1969 at summit conference of heads

of government; signed - 7 February 1992 - Maastricht Treaty

aim - to promote a single market by creating a single

currency, the euro; time table - 2 May 1998: European exchange rates
fixed for 1 January 1999; 1 January 1999: all banks and stock exchanges
begin using euros; 1 January 2002: the euro goes into circulation;
1 July 2002 local currencies no longer accepted

members - (12) Austria, Belgium, Finland, France, Germany, Greece,
Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain; note - Denmark,
Sweden, and UK decided not to join

** European Organization for Nuclear Research (CERN) **

note - acronym retained from the predecessor organization Conseil
Europeenne pour la Recherche Nucleaire

established - 1 July 1953; effective - 29 September 1954

aim - to foster nuclear research for peaceful purposes only

members - (20) Austria, Belgium, Bulgaria, Czech Republic, Denmark,
Finland, France, Germany, Greece, Hungary, Italy, Netherlands, Norway,
Poland, Portugal, Slovakia, Spain, Sweden, Switzerland, UK

observers - (7) European Commission, Israel, Japan, Russia, Turkey, United
Nations Educational, Scientific, and Cultural Organization (UNESCO), US