The establishment of the European Union has made the trade and monetary relations of each of the member states more amenable and accommodating than previous years. And the European Union has indeed been through a lot since its creation and foundation.
European Economic Community
Before 1957, each country in Europe has implemented their own laws and policies concerning international trades and markets. Their only issues are regarding domestic interrelations. No foreign policies were made with other countries.
But it was in the Treaty of Rome that was signed in the 25th of March 1957 by its first member countries that provided trade opportunities for each one of them. It was in this treaty that the European Economic Community was established. The first agreements made between the members include economic integration of all those concerned as well as the foundation of a customs union.
A customs union provided a wide market area among the members which included a common trade policy and lower import prices. The European Economic Community created more opportunities for the economies of the countries involved. The efficiency of the members in terms of customs and gross product also increased.
The six countries that signed and joined the European Economic Community were France, Belgium, Luxembourg, Italy, West Germany, and the Netherlands. All the goods, services and other market-related products were freely distributed throughout the member countries. Citizens were planning Amsterdam holidays and booking cheap nights in Amsterdam here and there. The community present great earnings for the businesses as well as the overall capital revenues of the members.
Another treaty was signed in 1992. This time, it was held in Maastricht, Netherlands. This treaty is also known as the Treaty on European Union. The countries that signed the treaty recognized the opportunities of becoming members of the European Union.
Aside from a single trade and monetary policy, the members of the European Union also developed laws and guidelines regarding foreign relations, criminal justice, and even military considerations. The treaty has been amended multiple times. Updates were made through the Treaty of Amsterdam, Treaty of Nice, and the Treaty of Lisbon.