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  3. May
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  5. European Community

Events on May 26 in history

European Community
1986May, 26

The European Community adopts the European flag.

The European Economic Community (EEC) was a regional organization that aimed to bring about economic integration among its member states. It was created by the Treaty of Rome of 1957. Upon the formation of the European Union in 1993, the EEC was incorporated into the EU and renamed the European Community (EC). In 2009, the EC formally ceased to exist and its institutions were directly absorbed by the EU. This made the Union the formal successor institution of the Community.

The Community's initial aim was to bring about economic integration, including a common market and customs union, among its six founding members: Belgium, France, Italy, Luxembourg, the Netherlands and West Germany. It gained a common set of institutions along with the European Coal and Steel Community (ECSC) and the European Atomic Energy Community (EURATOM) as one of the European Communities under the 1965 Merger Treaty (Treaty of Brussels). In 1993 a complete single market was achieved, known as the internal market, which allowed for the free movement of goods, capital, services, and people within the EEC. In 1994 the internal market was formalised by the EEA agreement. This agreement also extended the internal market to include most of the member states of the European Free Trade Association, forming the European Economic Area, which encompasses 15 countries.

Upon the entry into force of the Maastricht Treaty in 1993, the EEC was renamed the European Community to reflect that it covered a wider range than economic policy. This was also when the three European Communities, including the EC, were collectively made to constitute the first of the three pillars of the European Union, which the treaty also founded. The EC existed in this form until it was abolished by the 2009 Treaty of Lisbon, which incorporated the EC's institutions into the EU's wider framework and provided that the EU would "replace and succeed the European Community".

The EEC was also known as the European Common Market in the English-speaking countries and sometimes referred to as the European Community even before it was officially renamed as such in 1993.

References

  • European Community
  • European flag

Choose Another Date

Events on 1986

  • 25Feb

    Ferdinand Marcos

    People Power Revolution: President of the Philippines Ferdinand Marcos flees the nation after 20 years of rule; Corazon Aquino becomes the Philippines' first woman president.
  • 1Apr

    Kathmandu

    Communist Party of Nepal (Mashal) cadres attack a number of police stations in Kathmandu, seeking to incite a popular rebellion.
  • 26Apr

    Chernobyl disaster

    A nuclear reactor accident occurs at the Chernobyl Nuclear Power Plant in the Soviet Union (now Ukraine), creating the world's worst nuclear disaster.
  • 27Apr

    Chernobyl disaster

    The city of Pripyat as well as the surrounding areas are evacuated due to Chernobyl disaster.
  • 2Jul

    Augusto Pinochet

    Rodrigo Rojas and Carmen Gloria Quintana are burnt alive during a street demonstration against the dictatorship of General Augusto Pinochet in Chile.

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